Comp Combined Ratio Deteriorates Slightly in 2023

The combined ratio for the U.S. workers’ compensation market worsened slightly in 2023 even as premiums increased year over year, according to an S&P Global Market Intelligence analysis. The workers’ comp combined ratio increased to 84.9% from 84.5% this year, as direct premiums written and net premiums written also grew to $56.69 billion and $48.02 billion, respectively, according to the report released Tuesday. Although higher than the previous year, 2023’s combined ratio remained stronger than the five-year peak of 88.1% in 2021, S&P said, with analysts stating t...