The surplus was built on investment results, according to WCRA, which reported its recent investments have "exceeded the expected long-term investment returns factored into our rates." Favorable inflation rates, a drop in claims frequency and legislative changes also played a role in building the surplus. (Credit: photo.ua/Shutterstock.com)
Minnesota's Workers' Compensation Reinsurance Association (WCRA) is preparing to distribute a $600 million surplus to licensed insurers and self-insurers of workers' comp (as of Dec. 2, 2021). Additionally, any employer that had a workers' comp policy in 2020 will also be eligible for a portion of the surplus, the association reported.
WCRA reported that of the surplus, $383 million will go to insurers, $182 million will be given to self-insurers and $35 million will be divvied up among some 1000,000 policyholders. As required by state statute, every licensed insurer and self-insurer of workers' comp in the state is a member of WCRA.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
