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Workers compensation premiums are projected to grow 7% this year over 2013 to $39.3 billion as workers comp insurers see the first signs of profitability in eight years, the National Council on Compensation Insurance Inc. said Monday.
This year's growth projections exceed a 4.5% increase in comp premiums between 2012 and 2013, the Boca Raton, Florida-based workers comp ratemaking agency said in its annual financial results update.
Private workers comp insurers are expected to have an aggregate combined ratio of 96% in 2014, which would be the first time that the industry has been profitable since 2006, NCCI said. The combined ratio for private workers comp insurers was 101% last year, having fallen steadily since reaching 115% in 2010 and 2011.
“The expected improvement in the combined ratio is derived from a reduction in losses as well as the previously discussed projected increase in premium,” NCCI said.
NCCI noted that investment gains and operating gains also have increased for private workers comp insurers.
Workers compensation claimants younger than 60 have higher medical claim costs for medical payments made 20 and 30 years after their initial injury compared with claimants who are age 60 or older, the National Council on Compensation Insurance Inc. said Monday in a report.