Boca Raton, FL – At its Annual Issues Symposium (AIS) held in May 2014, NCCI presented The State of the Line—a comprehensive report of financial results for the workers compensation line of business. The results presented at AIS reflected the most up-to-date data available at the time, including NCCI’s preliminary estimates for Calendar Year 2013.
In this update, NCCI provides final results for 2013 and preliminary estimates for Calendar Year 2014. Among the updated findings:
- At AIS 2014, NCCI’s State of the Line report indicated favorable industry results for 2013. Industrywide statutory data for 2013 indicates little difference between NCCI’s preliminary estimates and the final results for most of the major financial measures.
- For Calendar Year 2013, NCCI initially estimated workers compensation premium volume net of reinsurance to be $37.0 billion for private carriers. This compares to the actual data reported by the industry of $36.7 billion. NCCI estimated an industrywide workers compensation combined ratio of 101 for 2013; actual data reported by the industry indicates a combined ratio of 101.3.
- NCCI has also evaluated the data reported as of midyear 2014 to provide full-year estimates for written premium volume and the combined ratio. While still early and subject to revision, NCCI’s analysis suggests continued improvement in the combined ratio as well as another increase in premium volume.
Click here for a copy of the free report: NCCI: Workers Compensation Financial Results Update (PDF)