Most states in the northeastern region reported deteriorating workers’ compensation underwriting results last year, according to A.M. Best.
Pennsylvania’s direct premiums written fell 8.6 percent last year. New Jersey’s fell 8.3 percent. Delaware’s was down by 8.1 percent. Maine fell 5.5 percent while Rhode Island was down 5.2 percent. The total U.S. direct premiums written fell by 5.4 percent last year. New York, on the other hand, bucked the downward trend. The Empire State saw its direct premiums written volume increase last year. It went up by 5.8 percent to $3.62 billion.
Eight states (New York, New Jersey, Massachusetts, Connecticut, Maryland, Rhode Island, Vermont and Delaware) had higher direct incurred loss ratios last year compared to the previous year. New York (95.8 loss ratio in 2010), Maryland (91.3), Vermont (71.5) and Delaware (89.0) all reported loss ratio hikes of around 10 points or more. Three northeastern states – Pennsylvania (69.7), Maine (61.5) and New Hampshire (68.4) – as well as the District of Columbia (52.4) had lower direct incurred loss ratios last year compared to the previous year. New Hampshire and D.C. saw their loss ratios fall by around 10 points.
Topics New York Workers' Compensation
Was this article valuable?
Here are more articles you may enjoy.
Hacking Group Claims Major Hack of Novo Nordisk and Attempted $25M Extortion 
Older, Wealthier Renters Drive Changes in Insurance Needs 
Wall Street Is Gaining Access to New Catastrophe Models to Help Predict Wars 
Zurich Sees Data Center Boom Spurring Insurance Securitization From This Issue
