For the past few years, workers' compensation has been a bastion of stability standing stalwart against the tides of uncertainty that have washed over much of the property and casualty industry.
Through the first half of 2023, private carriers in the workers' comp sector posted a combined direct loss ratio of 47%, according to preliminary analysis from the National Association of Insurance Commissioners, which noted this was the same loss ratio seen during the same period in 2022. Private workers' comp carriers saw a net combined ratio of 84% in 2022, a year that saw state funds deal with a 115% combined ratio.
Helping drive positive outcomes in workers' compensation claims has been a steady decrease in claims frequency, moderate medical severity and controlled costs due to fee schedules, according to Bill Donnell, president and CEO of the National Council on Compensation Insurance.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
