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Comp posts 91% combined ratio in 2025, extends underwriting gains - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Comp posts 91% combined ratio in 2025, extends underwriting gains by Louise Esola Workers Comp Coverage May 12, 2026 Workers compensation continued its run of underwriting profitability in 2025, posting a 91% combined ratio and marking the 12th consecutive year of underwriting gains, even as claim severity rose and net written premium edged down slightly, according to the National Council on Compensation Insurance’s annual State of the Line report released Tuesday. NCCI reported that workers compensation net written premium decreased 0.2% in 2025, while the accident year combined ratio was 102%, with prior years continuing to experience downward reserve development. The organization also estimates the industry’s reserve position remains redundant by approximately $14 billion. Lost-time claim frequency declined by 2% in 2025, continuing a long-term downward trend, although at a slower pace than the long-term average decline. At the same time, both medical and indemnity claim severity increased by 4%, reflecting continued cost pressures across the system. NCCI said frequency declines remain the main driver behind loss cost decreases. The decline is broad-based and heavily influenced by payroll growth, and the organization said its ratemaking process accounts for the data while also reflecting broader analytical insights. In a statement accompanying the report, Donna Glenn, chief actuary for NCCI, said broader market dynamics continue to shape workers compensation results beyond the headline combined ratio. “There’s not a single number that defines the workers compensation system. Behind this year’s 91 combined ratio, industry mix, state differences, and carrier variation are all shaping results,” she said in the statement. Related News No goodwill in crime film: lawsuit May 12, 2026 Skyward Specialty hires former Intact leader for E&S role May 12, 2026 US issues indictments in Baltimore bridge collapse May 12, 2026 Ryan Specialty appoints Jacob president of RT Connector May 12, 2026 Court denies motions by Brown & Brown and Howden in broker raid case May 12, 2026 Munich Re Q1 profit jumps on lower catastrophe losses May 12, 2026 Hannover Re’s profit jumps 48% May 12, 2026 Japan moves to cap corporate executives’ liability May 12, 2026 Middle East assets trapped by war risks May 12, 2026 Facebook-f X-twitter Linkedin-in Business Insurance is a singular, authoritative news and information source for executives focused upon risk management, risk transfer and risk financing. Never miss important news: Become a Business Insurance Online subscriber today Subscribe Now Information About Us Contact Advertise Privacy Policy Terms & Conditions Copyright 2026. BUSINESS INSURANCE HOLDINGS Member, Beacon International Group, Ltd.
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