The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Hughes - Truist Securities - Analyst
: Yeah, thank you. Good morning.
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MAY 02, 2025 / 3:00PM, EIG.N - Q1 2025 Employers Holdings Inc Earnings Call
Question: Mark Hughes - Truist Securities - Analyst
: Kathy, could you talk about any specifics you might be able to share regarding those loss trends, you've taken some meaningful action here to
protect the balance sheet and as you say, focus on profitability. What are you seeing and can you characterize, how broad that is in terms of
geography?
Question: Mark Hughes - Truist Securities - Analyst
: Yeah, how about underlying medical inflation if you look at frequency, severity, cost of treatments, you name it. Is there any change there? I hear
you on the cumulative trauma, but how about the other drivers of medical expenses?
Question: Mark Hughes - Truist Securities - Analyst
: And when I hear cumulative trauma, my radar goes up a little bit, and I wonder whether that's maybe caused by the macro conditions. Somebody's
looking for a wage replacement. Do you I know you cover cumulative trauma and there's plenty of support within the system for that, but it always
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MAY 02, 2025 / 3:00PM, EIG.N - Q1 2025 Employers Holdings Inc Earnings Call
sounds to me like it's a little aggressive on the part of the claimants. Can you talk me out of that or, address whether there might be some
Macroeconomic con contribution to those claims.
Question: Mark Hughes - Truist Securities - Analyst
: Is that we'll put it under the social inflation, the attorneys are getting more aggressive and getting the word out and so as you say they usually
show up with an attorney.
Question: Mark Hughes - Truist Securities - Analyst
: okay.
Question: Mark Hughes - Truist Securities - Analyst
: Yeah, and am I still right in thinking the rate filings are advisory that that may influence the behavior of carriers that if they're, looking for references
they'll, if the state says up 11, then maybe they'll that'll move the. The benchmark competitive level up a bit, but it's not binding by any means. Is
that a fair way to describe it?
Question: Mark Hughes - Truist Securities - Analyst
: Yeah, very good. I'll just ask one more and I apologize for going on, but the, what do you think is going to show up when the NCCI does the State
of the line, how do you see kind of redundancy across the industry. I was interested on the Gallagher call. They said the workers' comp rates that
they had said were up 1%. In Q4 we're up 5% in Q1.
I thought that was a kind of striking, not the usual description of what's going on, but what do you think NCCI is going to say about the industry
fundamentals.
Question: Mark Hughes - Truist Securities - Analyst
: Now, so on a rolling 12 months you're flat rolling six months you're up 4% to 5%.
Question: Mark Hughes - Truist Securities - Analyst
: That was, Gallagher's, feedback, on their conference call last night. Okay, thank you very much for all the all the details appreciate that.
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