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Indian River County Board of County Commissioners * Gallagher <br />*•CORE360C <br />Workers' Compensation <br />Where we were: 2021 <br />• A drop in claim frequency during COVID-19 has positively impacted the industry's results. <br />• Favorable loss development in prior years (because loss estimates were initially overstated) continues <br />to positively impact most carriers. <br />Workers' Compensation Rate Trends 2020-2021 <br />taI_l)�9 <br />T&C% <br />12.9% 1323% <br />li A <br />n-6% <br />ME% <br />&7% <br />ao.1 <br />pp��qq <br />26% <br />@l ti <br />rj1n- <br />-15.376 <br />-0216 <br />2020 <br />2020 <br />2020 2020 <br />2021 <br />2021 202% <br />2021 <br />01 <br />02 <br />03 04 <br />01 <br />02 03 <br />c4 <br />Sau>m: Galagher US.Cfents <br />M+1wdiarsRateChang <br />75thPPrcenbL- Rate Chang� <br />Where we are: What we're seeing now <br />• Workers' Compensation continues to be a profitable line of insurance for most carriers. <br />• Claim activity and frequency have declined recently due to more employees working from home. The <br />industry will monitor claim activity if and when many employees return to the workplace. <br />• The median increase in Q4 2021 for Workers' Compensation policies was 0.0%, with 47% taking an <br />increase. This is nearly identical to a median increase of 0.0% in Q3 2020, with 49% taking an <br />increase. Nearly five in 10 (46%) of respondents saw Workers' Compensation rates drop in Q4 2021. <br />Where we're going: Trends we are watching <br />• Rate decreases may be moderating, after several quarters of rate drops for many companies. We <br />have seen signs that the Workers' Compensation market may be firming as employees return to the <br />workplace. <br />• The long-term impact of COVID. <br />