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Calif. Workers’ Comp Losses, Expenses Reach Over $12B

Insurance Journal (08/21/12)

A new report from the California Workers’ Compensation Institute indicates that workers’ compensation insurers’ loss and expense payments climbed to almost $12.5 billion in 2011, an increase of more than $1 billion. The report was issued amid calls to overhaul the state’s workers’ compensation system and calls from the Workers Compensation Insurance Rating Bureau to increase premiums by 12.6%. Several versions of an overhaul bill are being circulated that call for $700 million in additional permanent disability benefits for injured employees, and $1.4 billion in across-the-board savings.