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The COVID-19 pandemic has so far not had any notable impact on the workers compensation residual market, according to research released Monday by the National Council on Compensation Insurance.
Boca Raton, Florida-based NCCI compared the current residual market with 2019, when the market share of the residual market pool was about 7%. While indirect effects of the pandemic, such as delayed medical care and the inability of some workers to return to work, may impact the residual pools, few direct impacts have yet been observed, according to the ratings agency.
Policy premiums in the residual market have remained consistent, though new applications declined slightly, likely due in part to state-imposed moratoriums on policy non-renewals and cancellations early in the pandemic, NCCI said.
In NCCI-managed residual market pools for accident year 2020, COVID-19 claims were also not particularly impactful, with those claims accounting for only about 2.2% of all residual market claims and 1.1% of incurred losses. About one-third of the managed pools reported no coronavirus claims. Of those with claims, 80% of the claims were under $10,000; the largest claim was $630,000.
More insurance and workers compensation news on the coronavirus crisis here.
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.