Compensation premium for written workers in the state of California for the first two quarters of 2020 fell more than 10% from the same quarter of 2019, according to a report released Monday by the State Workers' Compensation Insurance Ratings Bureau. However, the state's number of COVID-19 employees' claims in relation to coronavirus infections in the state has decreased to less than 5%.
According to WCIRB's quarterly report, based on figures as of June 30, the impact of the pandemic was likely to continue to reduce government wages and adversely affect insurance premiums for the remainder of the year.
Premiums have fallen 8% in the first and second quarters of 2020 compared to the same quarter in 201
As a result of the pandemic's impact, WCIRB has proposed that the pure premium rate in the state, which has fallen, increased by 2.6% to $ 1.56. per $ 100 in salaries, the rating agency's actuaries presented Monday to California's insurance department at a public hearing. consideration of “pre-pandemic trends in loss development and claims settlement” and COVID-19 claims for cost costs. August 24 and 28 stood at 4.8% despite the fact that AB 1159, which extended the availability of comp by assuming that certain classes of workers who got coronavirus did so at work, came into force during that period. COVID-19 claims filed in relation to coronavirus infections in California from January 1 to July 23 averaged about 6.35%. compensation news about the coronavirus crisis here .