Fitch: WC Market Deteriorating

  Wednesday, August 7th, 2002 Source: National Underwriter

The workers‘ compensation insurance market continues to face challenges following further deterioration in underwriting performance in 2001, according to a new report by Chicago-based Fitch Ratings. Despite significant pricing improvements in most states, the workers‘ comp combined ratio increased to 121 in 2001, from 118 in 2000, representing the sixth-consecutive year of deteriorating underwriting performance. "The unexpected losses related to the events of Sept. 11 were a contributing factor behind the poor performance," said James B. Auden, senior director at Fitch Ratings. "However, the key factor continues to be that workers‘ compensation pricing marketwide was inadequate from the late 1990s through 2001, despite a recent trend of rate increases."

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