X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“The pandemic was the moment to rise to the challenge, and the workers' compensation system did so with integrity. Our workers’ compensation system is fulfilling its noble mission to help injured workers,” said NCCI President and CEO Bill Donnell. (Credit: Fotolia) “The pandemic was the moment to rise to the challenge, and the workers’ compensation system did so with integrity. Our workers’ compensation system is fulfilling its noble mission to help injured workers,” said NCCI President and CEO Bill Donnell. (Credit: Fotolia)

The U.S. workers’ comp system saw net premiums decline 10% during 2020, while carriers recorded $260 million in COVID-19 claims and other key economic metrics are at or near historic highs, according to the National Council on Compensation Insurance (NCCI).

Regarding the drop in premiums written, which totaled $42 billion in 2020, the council reports job losses and shrinking payrolls were the major driving forces.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.