WORKERS COMPENSATION INSURANCE
The fatal fire and explosion at the West Fertilizer Co. plant in Texas in 2013 calls attention to the issue of workplace safety in the state. A massive 1947 fire in the S.S. Grandcamp and Monsanto Chemical Company plant in Texas City, Texas ranked eight among the top 20 multiple death fires in U.S. history according to the National Fire Protection Association (NFPA).
Workers compensation insurance provides for the cost of medical care and rehabilitation for injured workers and lost wages and death benefits for the dependents of persons killed in work-related accidents. Workers compensation systems vary from state to state. Workers compensation combined ratios are expressed in two ways. Calendar year results reflect claim payments and changes in reserves for accidents that happened in that year or earlier. Accident year results only include losses from a particular year.
WORKERS COMPENSATION INSURANCE, 2003-2012
($000)
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(1) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(2) After reinsurance transactions, excludes state funds.
(3) Calendar year data are from SNL Financial LC.
(4) Calculated from unrounded data.
(5) Accident year data are from the National Council on Compensation Insurance (NCCI).
(6) Estimated by NCCI.
Source: SNL Financial LC; National Council on Compensation Insurance.
THE TEN OCCUPATIONS WITH THE LARGEST NUMBER OF INJURIES AND ILLNESSES, 2012 (1)
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(1) Nonfatal injuries and illnesses involving days off from work for private industries; excludes farms with fewer than 11 employees.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
TOP TEN WRITERS OF WORKERS COMPENSATION INSURANCE BY DIRECT PREMIUMS WRITTEN, 2012
($000)
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(1) Before reinsurance transactions, includes some state funds.
(2) Based on U.S. total, includes territories.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers’ management company) are reported separately by SNL Financial LC.
Source: SNL Financial LC.
CAUSES OF WORKPLACE DEATHS
According to the U.S. Department of Labor, the highest rate of workplace fatalities in 2012 was among logging workers, with 128 deaths per 100,000 full-time employees, followed by fishing workers, aircraft pilots and flight engineers, and roofers. The all-industry average was 3.2 deaths per 100,000 workers.
WORKPLACE DEATHS BY CAUSE, 2011-2012 (1)
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(1) From intentional and unintentional sources.
(2) Roadway incidents involving motorized land vehicles.
Source: U.S. Department of Labor, Bureau of Labor Statistics, Census of Fatal Occupational Injuries.
LARGE LOSS FIRES
The charts below show the costliest large-loss fires, many of which involve industrial facilities and other non-residential structures. The rankings are based on property loss data from the National Fire Protection Association. For further data seeNFPA statistics.
THE TEN MOST COSTLY LARGE-LOSS FIRES IN U.S. HISTORY
($ millions)
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(1) Loss estimates are from National Fire Protection Association (NFPA) records. The list is limited to fires for which some reliable dollar loss estimates exists.
(2) Adjustment to 2012 dollars made by the NFPA using the Consumer Price Index, including the U.S. Census Bureau’s estimates of the index for historical times.
(3) Differs from inflation-adjusted estimates made by other organizations due to the use of different deflators.
Source: National Fire Protection Association.
THE TEN MOST COSTLY LARGE-LOSS FIRES, 2012 (1)
($ millions)
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(1) Fires/explosions causing $20 million or more in property loss.
Source: National Fire Protection Association.
Source: Insurance Information Institute, “Workplace Safety/Workers Comp” http://www.iii.org website. Accessed December 2, 2015. http://www.iii.org/fact-statistic/workplace-safety-workers-comp
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