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Workers compensation insurers saw improved financial performance in 2012 with signs that the positive trend continued into 2013, the National Council on Compensation Insurance Inc. said in a report Wednesday.
Workers comp insurers reported net written premiums of $35.1 billion in 2012, up 8.7% from $32.3 billion in 2011, Boca Raton, Fla.-based NCCI said in the report. The workers comp ratings and research agency estimates that net written premiums will climb 6% year-over-year to $37.2 billion in 2013.
Combined ratios for comp insurers dipped to 108% in 2012, an improvement from 115% in 2011, NCCI said. The agency said it expects to see a combined ratio of 106% for comp insurers in 2013.
“This projection for 2013 is tempered by an improving but fragile economy,” NCCI said in its report. “Additionally, loss drivers and market conditions, while still favorable, remain uncertain.”
NCCI's findings track with a report Monday by Oldwick, N.J.-based rating agency A.M. Best Co. Inc. that also showed increased net written premiums and lower combined ratios for comp insurers.
The Indiana Department of Insurance has approved a 7.7% decrease in workers compensation loss cost rates for 2014, according to a filing posted Friday by the Indiana Compensation Rating Bureau.