The National Council on Compensation Insurance said estimated workers’ compensation premium volume net of reinsurance fell 3% in 2019 to $42 billion for private carriers.
NCCI said net written premium grew by $3.5 billion in 2018, driven by the additional tax burden on businesses transferred to offshore affiliates imposed by the Base Erosion and Anti-Abuse Tax provision of the Tax Cuts and Jobs Act of 2017. While the residual effect of the act and the strong economy placed upward pressure on written premium for 2019, it was more than offset by recent decreases in rates and loss cos...
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