June 19, 2018

Record Recorded!

Today’s issue of WorkCompRecap features the release of a new report from A.M. Best that found that the workers’ compensation sector reported a record high $58.5 billion in direct premiums written in 2016 despite economic, regulatory and legal issues that threaten to reshape the market.

Best noted that despite the record premiums, year-over-year growth slowed, with net premium growth declining to 0.2% after expanding at a five-year compound annual growth rate of 6.3% from 2010 to 2015. The slowdown in growth was attributed mainly to consistent rate decreases in 2015 and 2016, as well an increase in net ceded premiums. The report also examines reserves for the workers’ comp line, which Best believes remain deficient; looks at the overall health of the line with its Workers’ Comp Composite (WCC); and discusses its overall outlook for the segment.

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