Workers' Compensation is one of the most important markers to follow for anyone looking to get a sense of where the larger commercial P&C world is heading. And this year, experts are seeing worsening pricing, increasing claims severity and an improving claims frequency, all against a backdrop of regulatory uncertainty exemplified by the unpredictable aftermath of the Affordable Care Act's implementation. It all adds up to a market that, for the year to come, seems to offer at least as many challenges as opportunities.
Pricing in Workers' Compensation has continued to climb this year, but not at the overall rates it saw in 2012 and 2013. While growth varies by segment and account size, the industry is seeing overall increases from 2%-5%, says Debbie Michel, president of Helmsman Management Services.
Mark Wilhem, CEO at Safety National, notes that excess market pricing has been trending upward in recent years, which is a welcome offset to investment income that simply hasn't been what it used to be for some time now.
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