Workers’ Compensation Premiums Rise to $8.3B This Year, Report Finds
In the first nine months of 2011, worker compensation insurers' written premiums inÂ the stateÂ rose to about $8.3 billion, according to a report by the Workers' Compensation Insurance Rating Bureau of California, Business Insurance reports (Ceniceros, Business Insurance, 12/12).
That amount represents an increase of about 12% from the same period last year.
Key Details of Report
The report estimates that insurers'Â costs stemming from workplace accidents in 2010 will reach about $8.1 billion for lost time and health care expenses. That figure is 4% higher than what was paid in 2009, but it is about 34% lower than the amount paidÂ in 2002.
According to the bureau, the average cost of a 2010 claim for lost work will be about $65,000.
For this year, employers paid an average of $2.37 for each $100 of payroll for workers' compensation (Johnson, Sacramento Business Journal, 12/12). That figure is up from $2.16 in 2008 but down from $6.29 in 2003Â (Walters, "Capitol Alert," Sacramento Bee, 12/12).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.