California Reforms Bolster WC Results
Absence of major reserve charges explains much of the loss ratio improvement
With workers' compensation insurers toiling less on balance sheet repairs last year, individual state reforms–most notably in California–worked their magic on 2004 loss and combined ratios, bringing both to the lowest levels recorded in years. The industry loss ratio for workers' compensation improved five points to roughly 67 on both a direct and net-of-reinsurance basis.
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