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The residual workers compensation market is “manageable and operating effectively,” with a market share of 6.8%, according to the National Council on Compensation Insurance Inc.
From 2013 to 2014, written premiums for all reinsurance pools serviced by NCCI increased 7% to $1.15 billion, according to the Boca Raton, Florida-based workers comp ratings and research organization’s Residual Market Management Summary 2014, released Tuesday.
“This is a significant reduction in the growth rate, which was 60% in 2012 and 32% in 2013,” the report states.
As a result of written premiums increasing at a slower rate, the residual market share was 6.8% in 2014, which is 0.2% above the residual market share the year prior, according to the report.
While the residual market is “manageable and operating effectively,” the voluntary market remains “competitive and stable,” the report states.
“During 2014, NCCI processed 70,000 new applications and serviced 160,000 total residual market policies written by the assigned carriers,” according to the report. “The majority of those applications and policies are from roofing, carpentry, and painting contractors and truckers.”
Delays in reporting work-related injuries can cause workers compensation claim costs to increase by up to 51%, according to the National Council on Compensation Insurance Inc.