Today’s issue of WorkCompRecap features the release of NCCI’s Residual Market Management Summary 2014, which it refers to as the best source for facts and figures about the workers’ comp residual market plans and reinsurance pools that they service.
Highlights from the report include that 2014 saw a significant slowdown in the growth of the residual markets in most states, and high levels of customer satisfaction. NCCI noted that estimated ultimate written premium for all reinsurance pools they serviced for Policy Year 2014 was $1.15 billion, only 7% greater than the prior year, while the growth rate for 2012 had been 60% and was 32% for 2013. The report also notes that its indicators show that the voluntary workers comp market is competitive and stable and that the residual market is manageable and operating effectively.
Find out more (including a link to the free report!) by clicking here!