Where Your Work Comp $ Went in 2017
Oakland, CA June 26, 2018 - The WCIRB has released its report on workers' compensation losses and expenses for 2017. The report is prepared annually pursuant to Section 11759.1 of the California Insurance Code. Key findings in the report include:
Medical losses paid in 2017 were $4.7 billion, or 56% of total loss payments. Of these payments, $1.3 billion were paid for physician services, $1.3 billion were payments made directly to injured workers, $0.7 billion were paid for inpatient or outpatient services, $0.2 billion were paid for pharmaceuticals, and $0.3 billion were paid for medical-legal evaluations.
The total cost of medical cost containment programs in 2017 was $443 million compared to $468 million in 2016.
Indemnity benefits paid in 2017 were $3.7 billion, or 44% of total loss payments. Of this amount, temporary disability benefits paid totaled $1.8 billion and permanent partial disability benefits paid totaled $1.5 billion.
Total insurer combined losses and expenses incurred in 2017 were $16.2 billion, or 91% of calendar year premium, compared to $16.9 billion (or 94% of calendar year premium) in 2016.
If you need help in reducing your Workers Compensation premiums, let us help you. We have proven methods to help control the costs of your existing claims and to help keep potential claims from arising. Call us at 909-481-7223 or email us at Compliance@delaneyins.com WE WILL HELP!