Liberty Mutual, Travelers and The Hartford claim the top three spots for U.S. market share in workers’ compensation, as the sector’s combined ratio is holding on at 108.5 percent for 2013, which would be the first year since 2008 that the combined ratio was below 110 percent, according to new figures released by A.M. Best.
“The improved combined ratio reflects the increased premium during the year as incurred losses, underwriting expenses and dividends all were up on an absolute basis,” according to the report. “Premiums grew faster than the various categories of expenses, which resulted in improving loss and combined ratios for the second straight year. The last time the combined ratio for workers’ comp declined for two consecutive years was 2005 and 2006, when the combined ratio fell to 98.5 in 2006.”
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