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WCIRB: Work Comp Premiums Continue to Mount in First Half of 2010

In recent workers' compensation defense news, a report by the Workers' Compensation Insurance Rating Bureau of California (WCIRB) has revealed both good news and bad news for employers. The bad news? The cost of work comp premiums has risen over the first half of the year. The good news? The amount of the increase was relatively minor.

To illustrate, the WCIRB determined that over the first six months of 2010, California employers paid an average of $2.44 out of every $100 for work comp coverage. This is roughly three percent higher than employers paid in the first six months of 2009.

It is worth noting, however, that it is still almost 62 percent less than the average rate paid by California employers in the second half of 2003, before the state enacted its overhaul of the workers' compensation system.

The WCIRB also determined the following:

  • The total amount of workers' compensation premiums collected for the first half of 2010 was $5.2 billion, an increase of more than 16 percent from the first half of 2009.
  • Workers' comp insurers spent roughly 71 cents of every dollar collected on claims (before expenses). In addition, the claim frequency for lost work time was determined to be similar to last year.

A full summary of the WCIRB report may be found here.

This post was provided for informational purposes only and is not to be construed as legal advice.

Stay tuned for further developments in the area of workers' compensation defense law ...

Related Resources:

Workers' Comp Premium Inches Higher (Silicon Valley/San Jose Business Journal)

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