Woodruff-Sawyer Expects Favorable Comp Developments in 2023

Woodruff-Sawyer, a property and casualty insurance brokerage and risk management consultancy, predicted favorable workers’ compensation developments for employers in its annual look-ahead report. Workers’ compensation is the best performing casualty line of insurance heading into 2023, and Woodruff-Sawyer said it expects to see continued underwriting profit and insurer competition. “The combined factors of stable loss costs, growing wages and high interest rates will create continued competition among WC insurers while driving down rates,” the firm said in a stat...