For workers' compensation insurers, costs are going up as the market shrinks, according to a new report released today by the National Academy of Social Insurance which means they are fighting to pay more for smaller and smaller slices of the pie.
The number of workers covered under worker’s compensation decreased by 4.4 percent in 2009, the largest drop in such coverage in two decades, according to the report. Meanwhile, benefits coverage increased by 0.4 percent, which can be attributed largely to carryover from workers injured in previous years; specifically, benefits covered by private carriers increased by 0.3 percent.
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