The workers' compensation environment in California has transformed itself into one of competition and profits, according to a special report put out by the A.M. Best Co. today.
A series of state legislative actions has drastically reduced workers' comp loss costs and frequency trends in the state. "However, it still is premature to view these reforms as final and lasting in light of the uncertainty of the actual long-term savings generated by the reforms, considering this long-tailed business," report author Mark Murray wrote.
Although the reforms have weathered several challenges, a rollback in some areas still is a threat to the health of the line as well as savings realized by California employers, it added.
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