WCIRB Report on Insurer Experience Released

The Workers’ Compensation Insurance Rating Bureau has completed its report summarizing insurer loss and premium experience through June 30, 2004.

Please click here to view the report.

The report stated the following conclusions:

• Written premium (gross of deductible credits) reported for the first half of 2004 is $12.5 billion. This is approximately 25 percent above the written premium reported for the half of 2003.

• Indemnity claim frequency for the first six months of 2004 is estimated to be 12 percent lower than for the first six months of 2003.

• The average statewide insurer rate (final insurer rates reflecting all rating plan adjustments except deductible credits, retrospective rating plan adjustments, and policyholder dividends) per $100 of payroll for policies written in the first half of 2004 is $5.76. This is 10 percent below the average rate charged for the second six months of 2003.