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AM Best: Work Comp Feels Disproportionate Impact of COVID, Catastrophes

Thursday, December 17, 2020 | 0

Workers’ compensation was hit harder by the global pandemic and catastrophes in 2020 than other lines of property and casualty insurance, according to a new report by AM Best. Property and casualty financial results in 2020 have been dominated by the ongoing impact of COVID-19 and severe weather-related losses following what AM Best characterized as a “relatively benign 2019 catastrophe season.” Stay-at-home orders and government-mandated business closures drove down premium levels, as did actions by carriers to provide relief to customers through rebates, refunds and payme...

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