An increase in incurred losses and expenses, coupled with a decrease in earned premium, resulted in a $1.3 billion underwriting loss in 2024, according to a new report by the Workers' Compensation Insurance Rating Bureau of California.
Total losses and expenses incurred in 2024 increased to $16.7 billion from $14.3 billion the year before. Over the same period, calendar year earned premium fell to $15.5 billion from $15.8 billion.
Total losses and expenses accounted for 108% of premiums earned in 2024, compared to 2023, when combined losses and expenses accounted for 91% of calendar year...
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