More than half the nearly 250 surveyed said they do not expect to see an improvement in profitability in workers' comp this year, in contrast to other lines.
The respondents were participants at the 16th annual Property/Casualty Insurance Joint Industry Forum held in New York earlier this month. The survey, conducted by the Insurance Information Institute showed the executives were generally optimistic about the property/casualty industry, other than workers' comp.
Related Coverage Arizona: Judge rules against state in use of workers' comp funds (08/09/10) Colorado: State WC insurer increases its bid for separation (05/03/10) Massachusetts: Attorney general nixes insurers' request for increase (07/08/10) Connecticut: Legislative session ends without creation of state comp insurer (06/28/10) Florida: Division identifies 3 issues with medical data interchange (04/07/11) Three-quarters of the executives said they expect an improvement in profitability in 2012 in the property/casualty industry, and nearly as many believe the industry is on the road to recovery. But 55 percent said they do not expect the same for the workers' comp line.
Other survey results for the property/casualty industry included the following:
The worst of the financial crisis is behind us -- 75 percent. The industry is now in the early stages of a hard market -- 72 percent. The combined ratio will be lower compared with 2011 -- 78 percent. Consolidation among insurers/reinsurers will not increase -- 71 percent.Most believe the U.S. economy is poised for growth of a little over a 2 percent annual rate, net of inflation.
Read more at the WorkersComp Forum homepage.
January 26, 2012
Copyright 2012© LRP Publications
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