While commercial insurance buyers have been hit by rate increases in numerous lines over the past five years, workers compensation coverage has remained remarkably stable by comparison.
That trend continued in 2023 with average rates for comp coverage wavering between small decreases and tiny increases.
A story about the continued profitability of the workers comp market for insurers and favorable conditions for buyers was the seventh-most-read workers comp-related story on the Business Insurance website in 2023.
The rate environment for workers comp both began and ended the year with small decreases, according to the Council of Insurance Agents & Brokers widely read quarterly pricing reports. Other surveys during the year showed comp rates flat or slightly higher, as the line moved up and down within a narrow band for most of 2023.
While other property/casualty lines are forecast to continue to see rate increases of different sizes, workers comp rates are expected to continue to occupy a similar narrow band, with some sources seeing small rate reductions in 2024.
No. 8 most-read story
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.