ProAssurance Group

Workers' comp saw an ongoing significant increase in losses.

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Around 65% of the carrier’s claims costs were related to medical expenses, which the company attributed to increased costs for care of injured workers driven by healthcare wage inflation and medical advancements.

Executives noted that the company has been cautious about releasing prior year reserves because of inflationary impacts on policies written later in 2022 and into 2023.

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The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s news team runs you through the key highlights of the week.

In an interview with this publication, the executive added that jury sentiment is driving these large awards.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Need to Know

Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50.

With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.