The net insurer's net premium is estimated at $ 38.6 billion by 2020, a decrease of 8.1% from 2019, the National Council for Compensation Insurance said Thursday in a preliminary report.
NCCI linked the decline nationwide to the overall average impact of reduced interest / loss costs approved by government insurance departments for 2020.
Changes in interest / loss costs reflect several factors affecting system costs, such as changes in the economy, Report. In addition, pandemic-related declines in employment and wages in 2020 were expected to further reduce total premiums, the report says.
The report estimated workers who compensated private insurers' total share for 2020 at 86%, compared to 85% for the previous year.
NCCI said that the results for 2020 will be updated and presented at its annual symposium, which takes place on 1