South Carolina Residual Market Performance Report July 1, 2015 September 30, 2015
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1 # of Policies/Applications South Carolina Residual Market Performance Report Top 5 Class Codes * 5645 Carpentry Construction (11.1%) 5437 Carpentry- Cabinet Or Trim (9.9%) 5474 Painting NOC (8.1%) 9014 Janitorial-No Cleaning Above Ground Level (4.1%) $31.6 Million Plan Premium in Force 2% 5348 Ceramic Tile (4%) *By policy count 3,500 3,000 2,500 2,000 1,500 1, Total Policy Count 7% 2.9K 2.7K 2.5K 2.5K 1.5K 1.2K 1.1K 1.3K Q Q Q Q Policies Applications VCAP Service Redirected $98K Premium Savings from Redirected Premium 31% Avg Policy Size $2,621 7% Policies with Premium 100K+ $300K 72% 95.9% 3Q Market Share Voluntary Market Residual Market 4.1% Third Quarter 2015 policy and estimated annual premium data, compared to Third Quarter Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved.
2 Table of Contents Executive Summary... 1 Total Applications Bound... 2 Total Application Premium Bound... 3 Residual Market Total Policy Counts... 4 Residual Market Total Premium Volume... 4 Residual Market Total Policies and Premium in Force... 5 Total Premium Distribution by Size of Risk... 6 Residual Market Top 10 Classification Codes by Policy Count... 7 Residual Market Top 10 Classification Codes by Premium Volume... 7 Residual Market Share... 8 Voluntary Coverage Assistance Program... 9 Collections/Indemnification South Carolina Residual Market Reinsurance Pool Booked Loss Ratio South Carolina Residual Market Reinsurance Pool Ultimate Net Written Premium South Carolina Residual Market Reinsurance Pool Net Operating Results Glossary of Terms Copyright 2015 National Council on Compensation Insurance, Inc. This material is owned by NCCI and is protected by copyright law. NCCI will seek all appropriate legal remedies for the unauthorized use, sale, reproduction, distribution, preparation of derivative works, transfer or assignment of this material, or any part thereof. NCCI makes no representation or warranty, express or implied, as to any matter whatsoever, including but not limited to the accuracy of any information, product, or service furnished hereunder. The recipient of this material is subject to any license agreement that governs the use of this information and subscribes to and utilizes the information as is.
3 Executive Summary NCCI, as Pool and Plan Administrator of the South Carolina Workers Compensation Insurance Plan, is pleased to provide the Third Quarter 2015 Residual Market State Activity Report. Readers will notice an update of the key measurement factors and issues relating to the operation of the South Carolina Plan. NCCI has enhanced our data reporting tools to provide a more accurate picture of what is happening in your state. If you have any questions or comments about this report, please feel free to contact any of the individuals listed below. Amy Quinn, State Relations Executive (803) Althea Keen, Business Operations Analyst (561) Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 1
4 Total Applications Bound 2012 vs vs vs The number of applications both new and churn that are assigned to a Servicing Carrier or a Direct Assignment Carrier (if applicable). 6,000 5,000 4,614 Applications Bound 4,000 3,000 2,000 1,530 1, st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 2
5 $4,180,903 $12,433,191 South Carolina Residual Market Performance Report Total Application Premium Bound 2012 vs vs vs The total estimated premium on bound applications both new and churn that are assigned to a Servicing Carrier or a Direct Assignment Carrier (if applicable). $18,000,000 $16,000,000 $14,000,000 Premium Bound $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 3
6 Residual Market Total Policy Counts Third Quarter Data for Policies Reported through September 30, 2015 Total number of all Assigned Risk Plan policies with effective dates during the calendar period listed above. 2,891 2,900 2,800 2,699 Number of Policies 2,700 2,600 2,500 2,476 2,515 2,400 2,300 2, Policy Year Residual Market Total Premium Volume Third Quarter Data Reported through September 30, 2015 Total amount of all Assigned Risk Plan premium with effective dates during the calendar period listed above. Premium Volume $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 $8,211,752 $7,569,131 $7,576,297 $6,158, Policy Year Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 4
7 Residual Market Total Policies and Premium in Force As of September 30, 2015 compared to prior year Total number of Assigned Risk Plan policies and estimated premium volume in force reported as of the date listed above. The other exhibits in this report describe quarterly and year-to-date data vs # 2014 vs % Policy Count 10,608 11, % Premium Volume $32,123,633 $31,579,163 -$544, % Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 5
8 Total Premium Distribution by Size of Risk Third Quarter Data Reported through September 30, 2015 The total number of Assigned Risk Plan policies reported to NCCI by Direct Assignment and Servicing Carriers in a premium range as of the date listed above. % of Total Total State % of Total Average Premium Interval Policy Count Policies Premium Premium Premium $ ,382 82% $2,443,757 32% $1,025 $ % $785,624 10% $3,538 $ % $1,095,501 15% $6,846 $ % $1,005,169 13% $13,583 $ % $1,256,833 17% $30,654 $ % $660,574 9% $66,057 $ % $328,839 4% $164,419 $ % $0 0% $0 Total 2, % $7,576, % $2,621 Third Quarter 2014 Data for Comparison % of Total Total State % of Total Average Premium Interval Policy Count Policies Premium Premium Premium $ ,261 81% $2,198,236 27% $972 $ % $808,584 10% $3,485 $ % $1,034,291 13% $6,760 $ % $1,290,300 16% $13,874 $ % $1,206,436 15% $30,934 $ % $316,763 4% $79,190 $ % $936,495 12% $156,082 $ % $258,569 3% $258,569 Total 2, % $8,049, % $2,886 Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 6
9 Residual Market Top 10 Classification Codes by Policy Count Third Quarter Data Reported through September 30, 2015 The top 10 governing class codes by total policy count policies issued by Servicing Carriers and Direct Assignment Carriers in this state as of the date listed above. Rank Code Description Carpentry Construction Of Residential Dwellings Not Exceeding Three Stories In Height Policy Count % of Policies % Carpentry-Installation Of Cabinet Work Or Interior Trim % Painting NOC & Shop Operations Drivers % Janitorial Services By Contractors-No Window Cleaning Above Ground Level & Drivers % Ceramic Tile Indoor Stone Marble Or Mosaic Work % Wallboard Sheetrock Drywall Plasterboard Or Cement Board Installation Within Buildings % Roofing-All Kinds & Drivers % Carpentry NOC % Masonry NOC % Trucking-Local Hauling Only-& Drivers % Residual Market Top 10 Classification Codes by Premium Volume Third Quarter Data Reported through September 30, 2015 The top ten governing class codes by premium volume written on total policies issued by Servicing Carriers and Direct Assignment Carriers in this state as of the date listed above. Rank Code Description Premium % of Premium Carpentry Construction Of Residential Dwellings Not Exceeding Three Stories In Height $723, % Painting NOC & Shop Operations Drivers $384, % Trucking-Local Hauling Only-& Drivers $379, % Carpentry-Installation Of Cabinet Work Or Interior Trim $361, % Roofing-All Kinds & Drivers $214, % Asbestos Contractor-NOC & Drivers $213, % Amusement Device Operation NOC-Not Traveling-& Drivers $210, % Carpentry NOC $205, % Concrete Or Cement Work- Floors Driveways Yards Or Sidewalks-& Drivers $174, % Wallboard Sheetrock Drywall Plasterboard Or Cement Board Installation Within Buildings $161, % Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 7
10 Residual Market Share Third Quarter Data through September 30, 2015 States estimated residual market share compared to the voluntary market share by written premium. 95.9% Voluntary Market Residual Market 4.1% Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 8
11 Voluntary Coverage Assistance Program Third Quarter Data through September 30, 2015 The volume of assigned risk applications redirected to the voluntary market through NCCI s VCAP Service. The following shows the results VCAP Service has provided during Third Quarter Number of Applications Reviewed by VCAP Service 1,547 Associated Premium for Applications Reviewed $4,291, Number of VCAP Service Matches 229 VCAP Service Matches as a % of Applications Reviewed 14.80% Number of VCAP Service Offers 17 VCAP Service Offers as a % of Matches 7.42% Number of Confirmed VCAP Service Policies 17 Confirmed VCAP Service Policies as a % of Applications Reviewed 1.10% Redirected Assigned Risk Premium $97, Associated Voluntary Market Premium $67, Savings $30, Average Savings per Application $1, Savings as a % of Redirected Assigned Risk Premium 31.26% Redirected Premium as a % of Associated Premium for Applications Reviewed by VCAP Service 2.27% Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 9
12 Collections/Indemnification The following shows a comparison of gross written premium and uncollectible premium reported in South Carolina for Policy Years , obtained through NP-4 and NP-5 reports including traumatic and black lung claims, evaluated through Second Quarter Policy Year Gross Written Premium Uncollectible Premium Percentage 2011 $11,789,175 $1,047, % 2012 $18,404,026 $1,217, % 2013 $26,629,898 $2,120, % 2014 $27,582,131 $243, % 2015 $13,375,350 * N/A * The uncollectible premiums provided are reported by the servicing carriers on a quarterly basis. Uncollectible premium is generally reported up to 24 months after the policy expiration date due to audit, billing, and collection requirements. Therefore, the uncollectible premium data has not yet developed for the more recent policy years. Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 10
13 Ultimate Premium Percentage South Carolina Residual Market Performance Report South Carolina Residual Market Reinsurance Pool Booked Loss Ratio Policy Year Financial Results through 2nd Quarter 2015 for 2014 and prior years* The ratio of total incurred losses to total earned premiums in a given period, in this state, expressed as a percentage. Booked Loss Ratio 100% 80% 60% 40% 20% 0% 67.9% 68.4% 72.6% 72.5% South Carolina Residual Market Reinsurance Pool Ultimate Net Written Premium (Projected to Ultimate) (000 s) Policy Year Financial Results through 2nd Quarter 2015 for 2014 and prior years* The premium charged by an insurance company for the period of time and coverage provided by an insurance contract in this state. $40,000 $30,000 $24,314 $26,426 $20,000 $10,000 $10,741 $17,186 $ Policy Year * Third Quarter 2015 data will be available the end of January 2016 due to the timing of data reporting. Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 11
14 Policy Year Incurred Losses Including IBNR (000)'s South Carolina Residual Market Performance Report South Carolina Residual Market Reinsurance Pool Net Operating Results (Projected to Ultimate) Incurred Losses Policy Year Financial Results through 2nd Quarter 2015 for 2014 and prior years* Policy year incurred losses reflect paid losses, case reserves and IBNR reserves for policies written in a particular policy year in that state. $30,000 $20,000 $10,000 $7,293 $11,755 $17,652 $19,159 $ Policy Year South Carolina Residual Market Reinsurance Pool Net Operating Results (Projected to Ultimate) Estimated Net Operating Gain/(Loss) (000 s) Policy Year Financial Results through 2nd Quarter 2015 for 2014 and prior years* The financial statement presentation that reflects the excess of earned premium over incurred losses, less all operating expenses, plus all investment income in that state ($3,761) ($3,137) ($2,258) ($2,335) -$6,000 -$4,000 -$2,000 $0 Operating Gain/(Loss) (000's) * Third Quarter 2015 data will be available the end of January 2016 due to the timing of data reporting. Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 12
15 Glossary of Terms Applications Bound The applications that are actually assigned to a Servicing Carrier or Direct Assignment Carrier (if applicable). Earned Premium or Premiums Earned That portion of written premiums applicable to the expired portion of the time for which the insurance was in effect. When used as an accounting term, premiums earned describes the premiums written during a period, plus the unearned premiums at the beginning of the period, less the unearned premiums at the end of the period. In Force (Policies/Premium) All policies and associated estimated premium that are current as of a given date. Incurred But Not Reported (IBNR) Pertaining to losses where the events that will result in a loss, and eventually a claim, have occurred, but have not yet been reported to the insurance company. The term may also include bulk reserves for estimated future development of case reserves. Premium Bound The total estimated annual premium on bound applications. Residual Market Share The ratio of assigned risk premium (pool plus direct assignment) to the total net direct written premium. Underwriting Gain/ (Loss) The financial statement presentation that reflects the excess of earned premium over incurred losses. VCAP Service Voluntary Coverage Assistance Program is a supplemental program to NCCI s Workers Compensation Insurance Plan. As part of NCCI s strategic vision of maintaining and depopulating the residual market, NCCI s VCAP Service redirects coverage opportunities for employers to voluntary market insurers, which generally provide coverage at a lower cost. VCAP Service provides an additional source for producers and employers to secure voluntary workers compensation coverage prior to entering the residual market for coverage. Loss Ratio The ratio of total incurred losses to total earned premiums in a given period, expressed as a percentage. The formula for loss ratio is (loss + loss adjustment expense)/earned premium. Copyright 2015 National Council on Compensation Insurance, Inc. All Rights Reserved. 13
$2,885 5% $1.1M 118% Top 5 Class Codes * $32.9 Million Plan Premium in Force 30% VCAP Service Redirected $83K. Premium.
# of Policies/Applications South Carolina Residual Market Performance Report Top 5 Class Codes * 5437 Carpentry-Installation (12.2%) 5645 Carpentry-Construction (10.6%) 5474 Painting NOC (7.5%) 5348 Ceramic
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