Rates Falling, Profitability Improving, CRIB Reports

Workers’ comp insurers in New Jersey ended 2016 with a combined ratio of 93.2%, a significant improvement from 98.1% in 2015 and the third straight year under 100%, according to an annual report released last month by the New Jersey Compensation Rating and Inspection Bureau. The 2016 loss ratio of 54.99% was a 3.16 percentage-point decrease from the 2015 loss ratio of 58.15%. The Commissioner of Banking and Insurance office approved a 5.1% reduction in manual rates effective Jan. 1 of this year. The report noted it was the third year in a row without an increase and the first ...