Today’s issue of WorkCompRecap features NCCI’s release of its 2023 Residual Market Management Summary, which provides facts and figures about workers’ compensation residual market plans and reinsurance pools that it services across 30 jurisdictions.
The report indicates that the residual market continues to be stable and self-sufficient, providing a significant contribution to fostering a healthy workers compensation system. Residual market premium remained at a manageable level in both premium volume and market share, with reasonable combined ratios in recent years ranging from 92% to 105% and averaging 99% for the 10 policy years of 2013-2022. Combined ultimate written premium for Policy Year (PY) 2022 for all reinsurance pools serviced by NCCI is projected to be $775 million, representing a slight decrease from the ultimate projection of $777 million for PY 2021, representing the seventh decrease in eight years.