NCCI recently released its annual State of the Line – Workers’ Comp Industry is “Transforming”
NCCI recently released its annual State of the Line workers compensation market analysis, describing the state of the industry as “transforming.”
This year’s State of the Line report indicates that the workers compensation Calendar Year 2015 combined ratio for private carriers was 94%. This is a six-point decline when compared with the 2014 combined ratio. Total market net written premium increased by almost 3% to $45.5 billion, driven primarily by an increase in payroll.
“The positive industry results we reported today are welcome news for industry stakeholders,” said NCCI President and CEO Bill Donnell. “In addition to the positive financial results, though, we see a significant transformation under way. New monitoring technology, expanded automation, and innovation in how employees work are key indicators. The regulatory environment is transforming with new participants and shifting agendas. In addition, the frequency and potential severity of system challenges are creating levels of uncertainty as we move forward this year.”
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