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Workers’ Compensation results are a drag on the P&C insurance industry’s numbers, producing a combined ratio that is 7 points worse than the industry as a whole, according to Fitch Ratings.

In a new report, Fitch says Workers’ Comp came in with a statutory combined ratio of 117.2 for 2011, about 9 points worse than the commercial-lines aggregate for last year. During the five-year period from 2007-2011 the line generated a combined ratio of 108.5, about 7 points worse than commercial lines collectively.

Since 2006 premium volumes have fallen 23 percent for Workers’ Comp, which the report attributes to “numerous factors” including intense price competition and effects of the recession.

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