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