California's workers' comp reforms in recent years have had a significant effect in lowering loss ratios and premiums, according to a report by the state Workers' Compensation Insurance Review Board. Based on the estimated effect of reforms enacted in 2003 and 2004, the WCIRB found that:
o Written premium for the first nine months of 2005 was $16.3 billion–roughly 10 percent lower than for the same period the year before.
o The average rate per $100 of payroll fell even more sharply, dropping 18 percent from $5.37 in the first half of 2005 to $4.42 for the third quarter.
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