Today’s issue of WorkCompRecap features NCCI’s release of its 2023 Workers Compensation Financial Results Update, which provides an update for Calendar Year 2022 and preliminary info for 2023.
NCCI noted that if results finish as it anticipates, it will result in a full decade of combined ratios under 100%. Key findings from the final countrywide analysis included that Calendar Year 2022 private carrier net written premium (NWP) increased from 2021 by 11.3% to $42.5 billion, and the CY2022 private carrier combined ratio was 84.0%, and the operating gain was 24.6%. NCCI’s preliminary analysis, while still early and subject to revision, found that for 1H 2023 private carrier direct written premium (DWP) increased 5% over 1H 2022, and private carrier direct loss ratio through 1H 2023 is at 47%, the same as 1H 2022.