The first national bank of WC

Is sitting on billions of your dollars.

From Risk&Insurance:

The workers’ comp insurance industry delivered another year of strong financial results in 2023. Final countrywide data shows that private carrier net written premium increased 1.1% from the prior year to $43.0 billion, according to the report. In addition, carriers achieved a combined ratio of 85.9%, resulting in a robust 23.1% operating gain. [emphasis added]

that makes a decade with combined ratios under 100% - a goal as far out of reach as Uranus back in the day.

Yes, rates continue to drop - as well they should because they are still waaaaay too high.

Because yes, profits will continue to flood insurers’ coffers…NCCI estimates 2024 will deliver similar profits with the combined ratio coming in between 83% - 90%.

A net operating gain of 23.1% is a huge transfer of funds from employers and tax payers to insurers, who are also sitting on $14 billion in “excess reserves”.

What does this mean for you?

Why are you allowing this? Don’t you have better uses for those dollars?