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WCIRB Report Says Work Comp Insurers Lost $2.3 Billion in 2011

28 Jun

The reports are in for California’s workers’ compensation insurers for 2011, and the news is not pretty.  The insurers collected $10.4 billion in workers’ compensation premiums in 2011, but paid out $12.7 billion – $7.7 billion in support benefits and medical care, and expenses of $5 billion and thus lost about $2.3 billion, or a loss of 22.1% of premium last year.

For that reason, we are seeing one insurance company after another file for higher rates in California, and pricing their renewal policies much tighter as well. Continue reading