AM Best: Comp Line Driving Profits for Property/Casualty Sector

Rating agency AM Best in a new report characterized the workers’ compensation line as a profit engine for the property and casualty sector in 2022. Work comp underwriting results remain stronger than those for other lines of insurance, in part a result of the long-term decline in claim frequency and a reduction in fraudulent claims, according to AM Best. Work comp carriers reported a combined ratio of 87.8% in 2022, while the combined ratio for the overall property and casualty sector was 102.4%. A combined ratio below 100% indicates underwriting profitability. Work comp premiums are ...