Today’s issue of WorkCompRecap features the release of a new brief from the Insurance Information Institute (Triple-I) that examines the strength of the worker’s comp industry, which was able to underwrite profitably between 2019 and 2022 even as significant changes occurred in the nation’s workforce due to the pandemic.
The brief notes that since 2014 workers’ comp has seen a net combined ratio of below 100 and, since 2017, it has consistently stayed below 90. In 2022 the net combined ratio for workers’ comp insurers (when including state funds, in comparison to 84.0 for private carriers only) was 87.4, while auto, home, and business insurers, across all insurance lines, had a net combined ratio of 102.4. Triple-I also noted that workers’ comp has benefited from a generally strong economy in recent years, most notably due to growth in payrolls.