Times are tough for the American worker, whether at the office or on the assembly line—and conditions are at least equally challenged for those underwriters that offer workers’ compensation insurance to the country’s employers.
This year’s “State of the Line” study from the National Council on Compensation Insurance (NCCI) paints a gloomy picture, with perhaps the most surprising and disturbing statistic: the nationwide lost-time claim frequency increased 3 percent—the first increase since 1997.
Net-written premium for workers’ comp private carriers declined 1.3 percent in 2010, according to the NCCI report, and the line produced a 1 percent pre-tax operating loss—the first such loss since 2002. The workers’ comp line is one of the largest in the U.S. property-and-casualty industry and among the largest commercial lines. It makes up nearly 8 percent of total industry premium volume and accounted for about 16 percent of all commercial-lines premium in 2010, according to A.M. Best.
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