AM Best Sees Workers’ Comp Outperformance
- Workers’ compensation continues to outperform all other lines of business in the U.S. property and casualty industry, AM Best said in its latest report.
- The outperformance is fueled by persistent declines in loss frequency and favorable reserve development.
- The segment has been more profitable than any other personal or commercial line of business since 2015.
- The WC segment currently carries the ratings agency’s “stable” outlook.
- AM Best said that the market remains competitive and profitable and sees little difference in total direct premiums written among the top insurers.
- The top 25 insurers account for about 67% of all workers’ compensation business.
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Oregon Employers to See WC Rate Decrease
- Oregon is the latest state to cut workers’ compensation costs for employers, after the Oregon Department of Consumer and Business Services on Thursday announced a rate decrease for 2024.
- The pure premium rate would drop by an average 3.2% under the proposal, which extends to 48% the decrease from 2016 to 2025.
- The agency said decline marks 12 years of average decreases in the pure premium rate.
- The decreases have been fueled by programs to control costs, maintain good worker benefits, ensure employers carry insurance for their workers, resolve disputes, and improve workplace safety and health, DCBS said in its news release.
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Utah Court Factors in Floor Hardness on Severity of Injury
- A Utah court has ruled that injuries resulting from idiopathic falls to level ground floors may be compensable if the employee can show that the hardness of the floor made the resulting injury worse.
- In a second appeal of the case Ackley v. Labor Commission, the Utah Court of Appeals sought to clarify that in consideration of compensability for an idiopathic fall, an “increased risk” alone is not enough. The risk must actually result in increased or aggravated injuries.
- The case is being monitored by NCCI’s Court Case Insights tracker.
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