Report: Workers’ Comp Reform Saving California’s System $770M Annually

The Workers’ Compensation Insurance Rating Bureau released this year’s evaluation of California’s workers’ comp reform law.

The WCIRB Cost Monitoring Report — 2015 Retrospective Evaluation is part of a multi-year cost monitoring plan developed by the WCIRB following the signing of Senate Bill No. 863 by the California Gov. Jerry Brown on Sept. 18, 2012.

This report includes an updated retrospective evaluation of the cost impact of a number of SB 863 provisions based on data emerging through the third quarter of 2015.

Based on the most current information, the WCIRB estimates the impact of SB 863 is an annual net savings of $770 million, or 4.1 percent, of total system costs.

Here are some principal findings of the report:

Related:

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• Report on California Workers’ Comp Reforms Touts Successes
• Small Number Causing California Worker’s Comp Review Excess
• Report: California Workers’ Comp Premiums Growing at Double-Digit Rates