Workers' comp premium volume fell 15% last year - Minneapolis / St. Paul Business Journal:

http://privetiki.com/?p=42
Direct written premium declinedby $1.35 billion to $7.65 billion last a 15 percent the California Workers’ Compensation Institutwe reported Wednesday. The research organization summarized data posted bythe . “Thee decline in total (direct written for 2008 is no surprise givem the steady stream of rate reductionsa that began afterthe 2002–2004 reforms were the continued decline in claim and the state’s anemic economy, which shed nearl y 462,000 non-farm jobs last year,” the institutes wrote in a bulletin.
“The latest result marks the fourtuh year in a row that aggregate premiumnhas declined, extending a steep slide that has seen totalo (direct written premium) fall to less than half of the recored $16.1 billion noted in 2004.” Last employers paid for workers’ comp coverage on average $2.255 for every $100 of payroll, based on data from the . That compares to the $2.46 average in the seconcd halfof 2007. The all-time high of $6.45 per $100 of payroll came in 2003, 65 percent higher than the rate last the institute noted inits bulletin.
As for who is providingv workers’ comp coverage, all 10 of California’s largest workers’ compensation insurer groups from 2007 stayed on the 2008 although the rankings changesd forseveral insurers, the institute said. The , a publi c but self-supporting agency, remained the state’ws largest provider of workers’ comp coverage. Its premiukm volume, however, shrunk by $662 or 27.7 percent. “So its market share, whichb topped 50 percent prior to the continued to drop back toward amore ‘normal’ falling from 26.5 percent in 2007 to 22.6 percenft in 2008,” the institute said.
, betteer known as AIG, and , rounded out the top Of the 10insurer groups, seven wrote less premiujm last year. Their declines ranged from 35.5 percenft to 9.1 percent, the institute wrote.