NU Online News Service, June 15, 12:10 p.m. EDT
Workers' compensation results are a drag on the P&Cinsurance industry's numbers, producing a combined ratio that is 7points worse than the industry as a whole, according to a report byFitch Ratings.
“Recent premium rate increases in workers' compensation are anencouraging sign that the market has reached a cyclical bottom,”says Jim Auden, managing director at Fitch, in a statement.“However, claims costs will continue to be affected by risingmedical severity and premium rates will need to improvesignificantly for the market to reach an underwritingbreakeven.”
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