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The Great Recession of 2009 has profoundly affected corporate America, and that impact has affected many Americans in a variety of ways. The news about corporate downsizings or bankruptcies greets us each day as we peruse our newspapers, whether in print or digital form. Corporate balance sheets are being battered, and this causes financial managers to appropriately focus on reducing long-term liabilities.

One of the major long-term liabilities for many companies is the liability arising out of workers’ compensation and liability bodily injury claims, which are long-tail in nature and some of the most difficult claims to manage and reserve. Whether this involves corporations or insurers, these claims draw special attention.

The management and reserving of these claims obviously affects the loss ratios and profitability of insurers. The effectiveness of the claim management, with emphasis on the reasonableness of the case reserves, impacts the insurer’s financial strength and its relationship with the various state insurance regulatory bodies.

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