III: National Work Comp Combined Ratio Was 87.4% in 2022

U.S. workers’ compensation carriers had the lowest combined ratio among major product lines in 2022, according to the Insurance Information Institute. III said work comp carriers have enjoyed underwriting profitability with the net combined ratio being below 100% since 2014 and below 90% since 2017. In 2022, the net combined ratio of work comp carriers was 87.4% when including state funds and 84% for private carriers only. The net combined ratio across auto, home and business insurance lines was 102.4%. “Commercial lines achieved lower net combined ratios than personal lines...