The Workers' Compensation market is continuing to improve as rates increase and exposures grow, but signs point to a continued underwriting deficit through this year, according to a report from Fitch Ratings.
Fitch's "Workers' Compensation Insurance Market Update," says, after a long period of decline, rates have increased for two consecutive years "with little sign that pricing trends will reverse in the near term."
The report notes the Council of Insurance Agents & Brokers most recent P&C lines survey says workers' comp rate hikes jumped close to 10 percent in the first quarter of 2013. The report notes that a Marketplace Realities report from insurance broker Willis North America Inc. predicts rates going up 2.5—10 percent, with more than 20 percent increases projected in the underperforming California market.
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