The dollar amount of workers' compensation insurance premiums written in California dropped by nearly one-fourth between the first six months of 2007 and the same period a year earlier, according to a report from the state Workers' Compensation Insurance Rating Bureau.
In a summary of insurer experience for the first half of 2007, the WCIRB said that written premium was estimated at $6.9 billion, a decrease of 23 percent from written premium levels for the same timeframe in 2006.
The WCIRB reported a decrease of 22 percent in the average statewide insurer rate between the first six months of 2007 and 2006. On average, employers paid $2.92 per $100 of payroll for workers compensation, down from $3.76 per $100 of payroll during the first half of 2006.
Furthermore, the WCIRB noted that rates had dropped by more than half since the enactment of reforms in 2003. Compared with the second half of 2003, during which reform legislation was first made law, rates for the first half of 2007 were 55 percent lower.
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