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California workers’ compensation insurer’s loss and expense payments totaled more than $11 billion in calendar year 2010 according to estimates released last month in the Workers’ Compensation Insurance Rating Bureau (WCIRB) report to the governor and legislature.
The latest report on insurers’ calendar year losses and expenses, the components of which are mandated by California Insurance Code §11759.1 (http://law.onecle.com/california/insurance/11759.1.html), was compiled from data submitted by more than 120 insurer groups.
The WCIRB estimates that insurers’ medical, indemnity and administrative expenses – not counting $153 million in indemnity and medical benefits paid by the California Insurance Guarantee Association – totaled just over $11 billion in calendar year 2010, compared to just under $10.7 billion for calendar year 2009. Direct earned premium, prior to reinsurance assumed or ceded, gross of deductible credits or recoveries, and not including retrospective rating plan adjustments, dividends, or non-standard coverage, was estimated at $9.677 billion last year, up $541 million (+5.9%) from $9.136 billion in 2009.
Click HERE to read for more analysis in the July 8 bulletin published by the California Workers' Compensation Institute.