California’s State Compensation Insurance Fund released its annual report on Thursday showing just over $1 billion dollars in net premiums earned, a drop from 2010’s figures.
State Fund reported adjusted actual net premiums earned of $1.002 billion for the year. That’s down from 2010’s reported $1.136 billion. Losses incurred fell from $850 million in 2010 to $752 million in 2011, and loss adjustment expenses incurred fell from $521 million in 2010 to $393 million last year.
Despite the drop in premiums earned, State Fund President and CEO Tom Rowe said California’s government-controlled workers’ comp insurer of last resort was showing improved results and was starting to reap the benefits of cost-cutting measures implemented late last year.
“Our financial summary reveals well-executed pricing disciplines, and improving results from the most experienced claims team in the marketplace,
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