Boca Raton, FL – NCCI recently announced the release of its 2023 Workers Compensation Financial Results Update, which provides financial results for the workers compensation (WC) insurance line of business for 2022, as well as preliminary information for 2023.
At its Annual Insights Symposium (AIS) in May 2023, NCCI presented the State of the Line Report—a comprehensive account of financial results for the workers compensation (WC) insurance line of business. The results presented in that report reflected the most current data available at the time, including NCCI’s preliminary estimates for Calendar Year 2022.
In the new report, NCCI provides updated results for 2022, as well as preliminary information for 2023.
The final countrywide analysis shows that:
- WC Calendar Year 2022 private carrier net written premium (NWP) increased from 2021 by 11.3% to $42.5 billion
- The WC Calendar Year 2022 private carrier combined ratio was 84.0%, and the operating gain was 24.6%
While still early and subject to revision, preliminary analysis through the second quarter of 2023 shows that:
- WC Calendar Year 2023 private carrier direct written premium (DWP) increased 5% through the first half of 2023, compared with DWP through the first half of 2022
- The WC Calendar Year 2023 private carrier direct loss ratio through the first half of 2023 is at 47%, the same as that observed through the first half of 2022
The complete report is available here: NCCI 2023 Workers Compensation Financial Results Update
Source: NCCI