2023 Workers’ Compensation Trends to Watch
The workers’ compensation segment has been profitable for eight consecutive years, with the combined ratio falling under 100 every year since 2014. However, the ratio bottomed out at 79 in 2016 and has been slowly increasing ever since.
Despite this trend, industry experts predict that the market’s past profitability will still allow for some stability in 2023. This year, most policyholders can anticipate minor rate increases, while insureds with higher experience modification factors will likely encounter greater rate jumps.
Here are some of the top developments and trends to watch
- Employee well-being concerns
- Remote work and musculoskeletal disorders
- Inflation issues
- Labor shortages
For more information about these trends and practical tips for buying workers’ compensation this year, please check out our 2023 Market Outlook: Workers’ Compensation Edition here.
Contact Burnham WGB Insurance Solutions
You don’t have to navigate workers’ compensation during a hard insurance market on your own. Our Commercial Risk Advisors are here to help. Please feel free to contact the insurance and risk management experts at Burnham WGB for assistance or to get a competitive quote.