WC Premiums Plummet In Recession, With Construction, Manufacturing Hit

Workers' compensation insurers have seen net written premium shrink 23 percent from 2007 to 2009, with millions of layoffs in the ongoing economic downturn taking a toll on insurable exposures, the chief executive of the National Council on Compensation Insurance reported here.

Workers' comp written premiums have been disproportionately affected by the economic downturn's impact on the construction and manufacturing sectors, said Stephen Klingel, CEO of NCCI Holdings Inc., speaking at the organization's Annual Issues Symposium.

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