/PRNewswire/ Experts from the National Council on Compensation Insurance (NCCI) shared a wide range of insights on how the workers compensation system is.
Experts from the National Council on Compensation Insurance shared a wide range of insights on how the workers compensation system is responding to workplace and workforce changes. "The demand for insights has never been greater," said NCCI President and CEO Bill Donnell.. "The business environment is changing, and the pace of change is quickening, so the demand.
/PRNewswire/ Experts from the National Council on Compensation Insurance (NCCI) shared a wide range of insights on how the workers compensation system is.
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NCCI: Workers’ Comp Line Thrives Despite COVID-19
The workers’ compensation line powered through the COVID-19 pandemic last year, generating an average profit of 24% while carriers built up $14 billion in “redundant reserves,” the National Council on Compensation said Tuesday during its virtual Annual Issues Symposium.
Chief Actuary Donna Glenn said clearly, the anxiety that NCCI expressed last year about the potential impact of COVID-19 was overblown.
“We feared that it could be devastating for the workers’ compensation system and it was not,” she said.
Donna GlennAccording to NCCI’s State of the Line report, the workers’ compensation line experienced a combined ratio of 87% in 2020, up from 85.4% in the previous year. The 13% underwriting gain in 2020 was on top of an 11% return on insurer investments, leading to an average profit of 24%.