Written net premium in the employment compensation industry for the calendar year 2019 fell slightly from the previous year to $ 42 billion for private insurance companies, according to a report published Monday by the National Council on Compensation Insurance, but given the uncertainty surrounding the pandemic. The credit rating agency declined to provide estimates for 2020.
Employee premium volume decreased by 3% in 2019 compared to 2018, and the premium is expected to erode further by approximately 7.2% due to interest / loss filing done in Boca Raton, Florida-based rating agency 36 states.
The net combination rate for workers 'skills is estimated to remain low in the workers' composition and end 201
The investment gain on insurance transactions in employees comp is expected to be 10.6 % of earned premiums 2019 based on current data, which is below the long-term average of 12.6% since 1999, however an improvement compared to a gain of less than 10% reported in 2018.
Employee compensation before tax decreased slightly to 25.2% in 2019 compared to 26% in 2018. However, this is the third year in a row that operating profit exceeds 20% in the labor industry, according to the report.
Although NCCI usually provides primary estimates of the net value of the premium volume and the combined quota for 2020 at this time of year, the rating agency said it could not provide this information yet "given the uncertainty surrounding the current pandemic."
More insurance and work compensation news about the coronavirus crisis here .