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WorkCompRecap: State of the Line!

May 11, 2022 - WorkCompWire

Today’s issue of WorkCompRecap features NCCI’s release of its State of the Line Report for 2021, which found that private carriers posted a profitable CY2021 combined ratio of 87 again, marking the fifth consecutive year with a combined ratio below 90, and eighth consecutive year of underwriting profitability.

Chief Actuary Donna Glen noted that strong employment and significant wage growth are fueling workers compensation payroll increases, and the system is currently remarkably strong and healthy. Other key findings included that lost-time claim frequency data suggests long-term decline has continued, despite a rise in frequency in 2021, and 2021 changes in indemnity and medical claim severity are expected to be flat. COVID-19 related updates included that the number of claims declined in 2021, with more that 50% made up of indemnity-only claims. Most COVID claims also continue to be small, however, claims of more than $100,000 account for 1.2% of claims and 66% of losses. Nearly half of the most complex claims ($500k+) involved workers who died.

Find out more (including a link to the free report!)

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