California’s Hefty Premium Share
California Written Premium as a Percentage of Countrywide Premium
More than 500,000 employers purchase workers’ compensation insurance in California. The amount of workers’ comp premiums paid by California employers has steadily grown during the past several years, rising 16 percent from 2011 to 2012 and 18 percent from 2012 to 2013, according to a recent report published by the Workers’ Compensation Insurance Rating Bureau of California. Several factors account for the growth in California premium volume including rate increases, payroll growth and economic expansion, and shifts in industrial mix.
The upshot is that California’s premium share now accounts for 25 percent of nation’s total, according to the WCIRB’s “State of the California Workers’ Compensation Insurance System” report. The graphic above shows how that share has shifted over time.