- Chicago, IL
The statutory Workers' Compensation market is a popular place for U.S. insurance companies and managing general agents (MGAs). The reason: consistent profitability, despite steadily decreasing rates and premiums.
A sustained drop in claim frequency is part of what makes the unusual combination of profitability and lower premiums possible. While the COVID-19 pandemic did contribute to a reduction in claim activity in 2020, claim frequency had been on the decline for several years as insureds have placed a greater focus on promoting a safety culture.
On the surface, the Workers' Comp market continues to move along the same smooth and profitable path that it has enjoyed for the past eight years — and longer in certain states. Yet there are subtle signs, such as rising accident year combined ratios, which signal that this cycle could be coming to an end. What is next for the Workers' Comp market?
The 2022 U.S. Workers' Compensation Market Outlook examines the current state of this sector and provides insights on how you can you help clients navigate this situation to ensure smooth renewals for the remainder of the year.
Learn key insights from the 2022 U.S Workers' Compensation Market Outlook include:
- Key trends such as the competitive market focus, labor shortage and the role of wearables
- Unique challenges arising due to the work from home environment
- A look into high hazard occupations and their mega claims
- Overview and benefits of self-insured groups
Download the full 2022 U.S. Workers' Compensation Market Outlook to learn more.Download report