The workers’ compensation insurance line posted $7.6 billion in favorable loss-reserve development last year, including $1.1 billion of favorable development from Liberty Mutual Group, according to an AM Best report.
AM Best called the favorable reserve development for workers’ comp a “bright spot” for the property and casualty insurance industry, which posted a 69% increase in net income last year, to $59.2 billion.
In addition to favorable reserve development, lower losses from catastrophes and higher net investment income contributed to last year’s P/C indust...
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