Workers' compensation insurance rates fell roughly 25 percent between the second half of 2006 and the third quarter of this year, the California Workers' Compensation Insurance Rating Bureau said.
According to figures released Monday by WCIRB, the average statewide insurer rate for workers' compensation coverage for policies written in the third quarter of 2007 was $2.49 per $100 of payroll, a drop of 25 percent from the $3.32 average for the second half of 2006.
The decline has been part of a consistent trend, WCIRB said, since a high of $6.46 per $100 of payroll experienced in the second half of 2003. At that point state lawmakers began passing a series of reforms designed to improve the state's workers' compensation market under Governors Gray Davis and Arnold Schwarzenegger.
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