Workers' Compensation Claims (Tables)

9 Months Ended

Sep. 30, 2021

Summarizes Aggregate Workers' Compensation Reserve Activity

The following table summarizes the aggregate workers’ compensation reserve activity (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Beginning balance
Workers' compensation claims liabilities	$	315,733		$	336,504		$	357,746		$	438,986
Add: claims expense accrual
Current period		2,394			35,138			71,407			106,359
Prior periods		(823	)		(2,977	)		(7,486	)		(5,163	)
		1,571			32,161			63,921			101,196
Less: claim payments related to
Current period		6,149			7,046			11,129			13,123
Prior periods		14,018			15,640			113,022			181,170
		20,167			22,686			124,151			194,293

Change in claims incurred in excess of retention limits		(138	)		1,369			(517	)		1,459

Ending balance
Workers' compensation claims liabilities	$	296,999		$	347,348		$	296,999		$	347,348
Incurred but not reported (IBNR)	$	162,382		$	203,595		$	162,382		$	203,595

Ratio of IBNR to workers' compensation claims liabilities		55	%		59	%		55	%		59	%

Summary of Risk Retained by Insured Program after Considering Loss Portfolio Transfers and Current Insurance Arrangements

The following is a summary of the risk retained by the Company under its insured program after considering the effects of the loss portfolio transfers and current insurance arrangements:

Year	Claims risk retained
2014	No
2015	No
2016	No
2017	No
2018 ⁽¹⁾	No
2019 ⁽¹⁾	Yes
2020	Yes
2021 - Through June 30	Yes
2021 - July 1 and after	No

(1) LPT 2 excluded approximately 10% of claims from 2018 and included an approximately offsetting amount of claims from 2019.