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. "Despite rising wages leading to higher indemnity payouts, this is balanced by increasing premiums based on wages, contributing to a continued decline in loss costs," Donnell wrote earlier this year. The slideshow above reviews the top 10 workers' comp insurance companies and groups based on countrywide premium written in 2023, according to data from the National Association of Insurance Commissioners. Related: |
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
