Comp net written premium jumped 11.3% in 2022: NCCI
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Net written premium for private workers compensation insurers nationwide increased 11.3% in 2022 to $42.5 billion, according to a report released Wednesday by the Boca Raton, Florida-based National Council on Compensation Insurance.
Including state funds, 2022 net written premium totaled $47.5 billion, which is unchanged from preliminary figures presented in May during the NCCI’s Annual Insights Symposium in Orlando. NCCI said it expects this year’s figure to be even higher.
The comp combined ratio for 2022 was 84%, marking the sixth consecutive year under 90%, according to Wednesday’s report.
“The current period of consecutive underwriting gains is unprecedented in terms of both duration and magnitude, resulting in a prolonged soft market atypical of the underwriting cycle,” the report states.
The report also shows that the 2022 workers comp pretax operating gain, which measures the overall performance of the line of business, was 16%. This, along with an 8.6% investment gain, resulted in an operating gain of 24.6% — the sixth consecutive operating gain in excess of 20% for the industry, the report states.
