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Workers' compensation rates won’t be adjusted for coronavirus experience this year

from Insurance Journal

Workers' compensation rates won’t be adjusted for coronavirus experience this year Insurance Journal The workers’ compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice president and chief economist for the Insurance Information Institute, said carriers did not factor in the cost of COVID-19 claims when they filed this year’s rates because the disease did not exist. The National Council on Compensation Insurance said the first full quarter’s data on COVID claims costs won’t be available until the end of September, and workers’ compensation rates in many states will be set before then. READ MORE

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