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Private workers compensation insurer net written premium totaled an estimated $38.6 billion in 2020, an 8.1% decline from 2019, the National Council for Compensation Insurance said Thursday in a preliminary report.
NCCI pegged the decline nationwide to the overall average impact of decreases in rates/loss costs approved by state insurance departments for 2020.
Changes in rates/loss costs reflect several factors that impact system costs, such as changes in the economy, cost containment initiatives and other reforms, according to the report. In addition, pandemic-related declines in employment and payroll during 2020 were expected to further reduce overall premiums, the report said.
The report estimated workers comp private insurers’ combined ratio for 2020 at 86%, compared with 85% for the prior year.
NCCI said the 2020 results will be updated and presented at its annual symposium, taking place online May 11-12.
Years of profitable underwriting and healthy reserves in 2019 in the workers compensation sector will help the industry weather coronavirus-related claims and lower premium in the coming months, officials with the National Council on Compensation Insurance said Tuesday.