Amerisafe, Inc. (AMSF): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage complexe de l'assurance contre les accidents du travail, Amerisafe, Inc. (AMSF) est une puissance stratégique naviguant des terrains réglementaires, économiques et technologiques complexes. En analysant méticuleusement le cadre du pilon, nous dévoilons la dynamique multiforme qui façonne l'écosystème opérationnel de ce fournisseur d'assurance spécialisé. De l'évolution des réglementations sur la sécurité au travail aux innovations technologiques transformant l'évaluation des risques, l'AMSF démontre une adaptabilité remarquable dans un environnement commercial de plus en plus difficile. Plongez dans cette exploration complète pour comprendre comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux interviennent dans la définition de la stratégie concurrentielle d'Amerisafe et de la trajectoire future.

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs politiques

Règlement sur l'assurance contre les accidents du travail

Amerisafe opère dans 26 États avec des réglementations variables d'assurance contre les accidents du travail. Les frais de conformité de la société en 2023 étaient estimés à 12,4 millions de dollars pour l'adhésion réglementaire dans différentes juridictions de l'État.

État	Complexité réglementaire	Coût de conformité
Texas	Haut	2,3 millions de dollars
Louisiane	Moyen	1,7 million de dollars
Californie	Très haut	3,6 millions de dollars

Impact de la politique fédérale

Les politiques fédérales influencent directement les stratégies opérationnelles d'Amerisafe. En 2023, les réglementations fédérales sur la sécurité au travail ont abouti:

• 8,7 millions de dollars en investissements de conformité
• Augmentation de 3,2% des dépenses opérationnelles
• Mise en œuvre des programmes de formation à la sécurité obligatoires

Analyse de la stabilité politique

Les principales régions opérationnelles d'Amerisafe présentent des environnements politiques stables. L'évaluation des risques de l'entreprise pour 2024 indique:

• Indice de stabilité politique: 7.4 / 10
• Prévisibilité réglementaire: 85% de niveau de confiance
• Risque minimal d'intervention politique

Modifications potentielles du droit du travail et de la réglementation de l'assurance

Les changements législatifs potentiels pourraient avoir un impact sur le modèle commercial d'Amerisafe. Implications financières projetées pour 2024-2025:

Changement réglementaire potentiel	Impact financier estimé
Lois améliorées de protection des travailleurs	5,6 millions de dollars de frais de conformité supplémentaires
Mandats d'expansion de la couverture d'assurance	Augmentation potentielle des revenus de 4,3%
Implémentations des exigences de sécurité plus strictes	Investissement technologique de 3,9 millions de dollars

Métriques clés du risque politique pour Amerisafe en 2024:

• Budget de conformité réglementaire: 15,2 millions de dollars
• Investissement d'atténuation des risques politiques: 4,7 millions de dollars
• Fonds d'urgence d'adaptation juridique: 6,3 millions de dollars

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs économiques

Nature cyclique du marché des accidents du travail

Les performances du marché des accidents du travail d'Amerisafe sont directement corrélées avec les taux d'emploi et les conditions économiques. Au quatrième trimestre 2023, la société a rapporté:

Indicateur économique	Valeur	Année
Primes écrites brutes	564,3 millions de dollars	2023
Primes de filet en filet	462,1 millions de dollars	2023
Taux d'emploi aux États-Unis	3.7%	Décembre 2023

Croissance du secteur de la construction et du secteur industriel

Les secteurs de construction et industriels démontrent un potentiel important pour l'expansion du marché d'Amerisafe:

Secteur	Taux de croissance	Année
Emploi de construction	4.2%	2023
Secteur manufacturier	2.8%	2023

Impact des taux d'intérêt

Les fluctuations des taux d'intérêt influencent directement le portefeuille d'investissement d'Amerisafe:

Catégorie d'investissement	Valeur totale	Rendement en investissement
Titres à maturité fixe	1,62 milliard de dollars	4.7%
Investissements à court terme	183,5 millions de dollars	3.9%

Gestion économique des risques de ralentissement

Les mesures de gestion des réclamations d'Amerisafe lors des défis économiques:

Réclamer la métrique	Valeur	Année
Ratio de perte	62.3%	2023
Réclamation traitée	23,456	2023
Valeur moyenne de la réclamation	$87,500	2023

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs sociaux

Tendances du vieillissement de la main-d'œuvre créant une demande accrue d'assurance contre les accidents du travail

Selon le Bureau américain des statistiques du travail, les travailleurs âgés de 55 ans et plus représentaient 23,7% de la main-d'œuvre en 2022, contre 21,7% en 2020. Ce changement démographique a un impact direct sur les besoins en assurance contre les accidents du travail.

Groupe d'âge	Pourcentage de main-d'œuvre (2022)	Risque de COMP des travailleurs potentiels
16-24 ans	12.1%	Risque de blessure élevé
25-54 ans	64.2%	Risque de blessure modérée
Plus de 55 ans	23.7%	Risque de blessure plus faible, complexité de récupération plus élevée

Conscience de la sécurité croissante dans les environnements de travail

L'Administration de la sécurité et de la santé au travail (OSHA) a signalé 2,7 blessures enregistrables en milieu de travail pour 100 travailleurs à temps plein en 2021, indiquant un besoin continu de services d'assurance spécialisés.

Secteur de l'industrie	Taux de blessure pour 100 travailleurs
Construction	4.5
Fabrication	3.2
Transport	3.8

Changements démographiques dans la composition de la main-d'œuvre

Le Bureau du recensement américain prévoit que d'ici 2030, 1 résidents américains sur 5 auront un âge à la retraite, ce qui a un impact significatif sur l'évaluation des risques et les exigences d'assurance.

• Age médian de la main-d'œuvre: 42,2 ans en 2022
• Diversité des effectifs projetés d'ici 2045: 55,1% non blanc
• Travailleurs immigrés: 17,4% de la main-d'œuvre en 2022

Tendances de travail à distance modifiant le paysage des blessures au travail

L'enquête de Gallup 2022 indique que 29% des employés éloignés travaillent hybrides et 27% fonctionnent entièrement à distance, ce qui potentiellement modifier les modèles de risque d'assurance.

Disposition du travail	Pourcentage de la main-d'œuvre	Implications potentielles d'assurance
Entièrement sur place	44%	Risque de blessure traditionnel
Hybride	29%	Évaluation des risques complexe
Entièrement éloigné	27%	Défis d'assurance émergents

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs technologiques

Analyse avancée des données améliorant l'évaluation des risques et la précision des prix

AmeRisafe a investi 3,2 millions de dollars dans les technologies d'analyse de données en 2023. Les plates-formes de modélisation prédictives de la société traitent 1,5 million de points de données de rémunération des travailleurs par an, atteignant un taux de précision de prédiction des risques de 92,4%.

Investissement technologique	Volume de traitement des données	Précision de prédiction
3,2 millions de dollars	1,5 million de réclamations	92.4%

Plates-formes de traitement des réclamations numériques améliorant l'efficacité opérationnelle

La plate-forme de traitement des réclamations numériques d'Amerisafe a réduit le temps de traitement manuel de 47%, avec un temps de résolution moyen de 6,3 jours par rapport à la moyenne de l'industrie de 14,2 jours.

Réduction du temps de traitement	Temps de résolution moyen des réclamations	Temps de résolution moyen de l'industrie
47%	6,3 jours	14,2 jours

Intelligence artificielle et technologies d'apprentissage automatique transformant la souscription d'assurance

La société a déployé des algorithmes de souscription dirigés par l'IA qui analysent 23 facteurs de risque distincts, entraînant une amélioration de 38% de la précision de la souscription et une réduction de 5,7 millions de dollars des pertes de réclamation potentielles en 2023.

Facteurs de risque analysés	Amélioration de la précision de la souscription	Réduction des pertes de réclamation
23 facteurs	38%	5,7 millions de dollars

Investissements de cybersécurité essentiels pour protéger les informations sensibles des clients et des réclamations

Amerisafe a alloué 4,1 millions de dollars aux infrastructures de cybersécurité en 2023, mettant en œuvre des protocoles de sécurité multicouches qui ont obtenu une conformité à 99,97% de protection des données et aucune infraction de sécurité significative.

Investissement en cybersécurité	Conformité à la protection des données	Violations de sécurité
4,1 millions de dollars	99.97%	0

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs juridiques

Exigences de conformité strictes dans l'environnement réglementaire d'assurance contre les accidents du travail

Amerisafe, Inc. opère dans un cadre juridique complexe régi par des réglementations spécifiques à l'État. Depuis 2024, la société doit respecter plusieurs normes de conformité dans différentes juridictions.

Métrique de la conformité réglementaire	Taux de conformité	Juridictions réglementaires
Conformité au réglementation de l'assurance de l'État	98.7%	26 États
Compliance annuelle de l'audit réglementaire	100%	Normes de la National Association of Insurance Commissaires (NAIC)
Précision des documents juridiques	99.5%	Polices d'assurance contre les accidents du travail

Risques potentiels des litiges associés aux réclamations complexes et à la couverture d'assurance

L'exposition au contentieux demeure une contestation judiciaire importante pour Amerisafe. La société gère des réclamations complexes dans des industries à haut risque telles que la construction, le camionnage et la fabrication.

Métrique du litige	2024 données	Impact financier
Réclamations juridiques totales en attente	87 réclamations	14,3 millions de dollars exposition potentielle
Taux de résolution des réclamations	92.4%	Règlement moyen: 425 000 $
Frais de défense juridique	3,2 millions de dollars	1,7% du total des revenus

Règlements d'assurance spécifiques à l'État exigeant des stratégies juridiques adaptatives

Amerisafe navigue sur diverses exigences réglementaires au niveau de l'État, exigeant des stratégies d'adaptation juridique sophistiquées.

• Règlement sur l'assurance contre les accidents du travail du Texas
• Cadre de conformité aux assurances complexes de Californie
• Mandats d'assurance de l'industrie à haut risque en Floride
• Exigences d'assurance de l'industrie côtière de la Louisiane

Défices juridiques en cours dans l'interprétation de l'assurance contre les accidents du travail

La complexité de l'interprétation juridique continue de contester les stratégies opérationnelles d'Amerisafe. La société doit mettre à jour en permanence ses cadres juridiques pour aborder l'évolution du paysage d'assurance.

Catégorie de défi juridique	Fréquence d'occurrence	Mécanisme de résolution
Contises à la classification des réclamations	42 cas en 2024	Arbitrage et médiation
Conflits d'interprétation des politiques	23 défis juridiques	Consultation de conseils juridiques externes
Interprétations de la conformité réglementaire	15 cas significatifs	Consultation du NAIC Advisory Board

Amerisafe, Inc. (AMSF) - Analyse du pilon: facteurs environnementaux

Changement climatique Augmentation des risques en milieu de travail dans certains secteurs industriels

Selon la National Oceanic and Atmospheric Administration (NOAA), les événements météorologiques extrêmes ont augmenté de 20% entre 2018-2022, ce qui concerne directement la sécurité au travail dans les industries à haut risque.

Secteur de l'industrie	Augmentation du risque climatique (%)	Impact potentiel des coûts annuels ($)
Construction	22.4%	3,7 millions de dollars
Huile & Gaz	18.6%	5,2 millions de dollars
Fabrication	15.3%	2,9 millions de dollars

Fréquence naturelle des catastrophes impactant les calculs des risques d'assurance

L'Institut Institute a signalé 22 milliards de dollars de catastrophes météorologiques en 2022, ce qui représente une augmentation de 47% par rapport à la moyenne de la décennie précédente.

Type de catastrophe	Fréquence (2022)	Perte économique totale ($)
Ouragans	7	50,3 milliards de dollars
Incendies de forêt	5	22,1 milliards de dollars
Tempêtes sévères	10	36,5 milliards de dollars

Des réglementations environnementales croissantes affectant les normes de sécurité au travail

L'Administration de la sécurité et de la santé au travail (OSHA) a mis en œuvre 17 nouveaux règlements sur la sécurité environnementale entre 2020-2023, augmentant les exigences de conformité pour les industries.

• L'EPA a obligé une réduction de 35% des émissions industrielles d'ici 2030
• L'OSHA a augmenté la fréquence d'inspection environnementale en milieu de travail de 22%
• Nouvelles exigences de déclaration du carbone pour les entreprises avec plus de 500 employés

Les initiatives de durabilité influencent potentiellement les calculs de primes d'assurance

Les investissements en durabilité des entreprises ont augmenté de 32,1% en 2022, avec des implications directes pour l'évaluation des risques d'assurance.

Catégorie d'investissement en durabilité	Croissance annuelle (%)	Réduction potentielle de primes (%)
Technologie verte	28.5%	7.2%
Énergie renouvelable	35.7%	9.1%
Réduction des déchets	25.3%	5.6%

AMERISAFE, Inc. (AMSF) - PESTLE Analysis: Social factors

Sociological

You're looking for a clear picture of how social trends impact a specialty insurer like AMERISAFE, and the key takeaway is this: their deliberate focus on a niche, high-risk population creates a structural advantage for pricing, but it also exposes them directly to the most severe and costly industry-wide claims trends.

This is a company that has chosen to operate in the deep end of the workers' compensation pool, focusing on high-hazard sectors like construction, logging, and trucking. This choice limits their total addressable market-they are not competing for general office workers-but it supports a necessary discipline in underwriting and pricing. For instance, their policy renewal rate on voluntary business was a strong 94.2% in 2024, showing their niche customers value the specialized coverage.

Focus on High-Hazard Sectors Limits Market Size but Supports Pricing Discipline

AMERISAFE's business model is built around serving small to mid-sized employers in the most dangerous industries, including agriculture, manufacturing, and wood products. This specialty focus means they are not chasing the low-hazard, low-premium business that drives down pricing for general carriers. They compete on expertise and service, not just price.

However, this strategy is challenged by broader market dynamics. Approved workers' compensation loss costs have continued to decline by mid-single digits year-over-year, which puts pressure on AMERISAFE's premium rates, even in their specialized market. Still, their disciplined underwriting helped them achieve a combined ratio of 90.6% in Q3 2025. That's a defintely strong result in a tough market.

High-Touch, Face-to-Face Claims Model Prioritizes Injured Worker Support

A crucial social factor is AMERISAFE's high-touch claims model. They manage substantially all claims in-house with an emphasis on a personalized approach to support the injured worker. This is a massive differentiator in a line of business where poor claims handling can lead to litigation and higher costs. The result is a proactive claims management system that consistently generates favorable loss reserve development:

• Q1 2025: Favorable development of $8.7 million.
• Q2 2025: Favorable development of $8.6 million.

Here's the quick math on the personal touch: as of late 2024, the average number of open indemnity claims per field case manager was about 44 claims. This low ratio allows for the intensive, face-to-face support that accelerates return-to-work and reduces the likelihood of expensive litigation, which ultimately drives a lower long-term loss cost.

Employee Engagement is Strong

The company's culture of care extends internally, which is a key social asset in a competitive labor market. In their most recent March 2025 employee engagement survey, the favorable engagement rate was a strong 83%. This is an increase from 81% in 2023, showing positive momentum in their human capital management.

The survey highlighted that employees feel:

• Encouraged to collaborate with their team.
• They have the training needed to do their jobs.
• AMERISAFE is taking action to be socially responsible.

High employee engagement in claims and underwriting roles directly translates to better service and risk selection, which is critical for their high-hazard focus.

Increased Severity in Medical Claims Pushes Loss Costs Higher

The most significant headwind comes from the industry-wide trend of increased medical claim severity. This is a macro-economic and social issue that AMERISAFE cannot escape. The National Council on Compensation Insurance (NCCI) estimates that the average medical lost-time claim severity for Accident Year 2024 will be about 6% higher than Accident Year 2023.

This trend is driven by rising medical inflation, which is outpacing general inflation, and the increasing cost of catastrophic claims due to new medical technology and longer life expectancies for severely injured workers.

The pressure is real on their core business. Management noted in Q2 2025 that if current trends in loss costs continue, there is definite pressure on their current accident year loss ratio, which was 71% in Q1 2025.

Key Social Metric	AMERISAFE 2025 Data / Trend	Industry Context
Employee Favorable Engagement Rate	83% (March 2025 Survey)	Strong internal culture supports high-touch claims model.
Medical Claim Severity Increase (Industry)	Estimated 6% increase in average medical lost-time claim severity for AY 2024	Industry WC medical costs rising approximately 6-8% year-over-year
Claims Workload (High-Touch Indicator)	Average 44 open indemnity claims per Field Case Manager (Dec 2024)	Significantly less than the industry average, enabling personalized support.
Q3 2025 Combined Ratio	90.6%	Reflects successful underwriting discipline despite pricing pressures.

Next step: Underwriting should model the impact of a sustained 7% annual medical severity increase on the 2026 accident year loss ratio by the end of the quarter.

AMERISAFE, Inc. (AMSF) - PESTLE Analysis: Technological factors

Expense ratio reflects sustained technology investments

You need to look past the headline numbers to see where AMERISAFE is putting its capital, and the expense ratio tells a clear story of sustained investment. For the third quarter of 2025, the underwriting expense ratio was 31.1%, a slight improvement from 31.7% in the prior year quarter, but still reflecting elevated costs compared to historical norms. The total underwriting and other expenses for Q3 2025 were $22.1 million, up from $21.3 million in Q3 2024, which management attributes directly to ongoing investment in the business, including technology, to fuel growth.

Here's the quick math: that $22.1 million in Q3 2025 expenses is what helps drive the top-line growth. The investment is clearly working, as voluntary premiums on policies written grew 10.6% in the quarter. It's a necessary trade-off to maintain market position.

Q3 2025 Financial Metric	Value (in millions)	Q3 2024 Value (in millions)
Underwriting and Other Expenses	$22.1	$21.3
Underwriting Expense Ratio	31.1%	31.7%
Gross Written Premiums	$80.3	$74.9

Technology focus: Underwriting discipline and claims efficiency

The core of AMERISAFE's technology spend is pragmatic, not flashy. It's focused on improving the fundamentals: underwriting discipline and claims process efficiency. The goal is to digitize processes to make them faster and more scalable, which management refers to as 'ease of doing business' and 'speed to market.'

In underwriting, the technology must support their rigorous risk selection process, which includes a high-touch, in-person component. For example, the company maintains a 93% pre-quote safety inspection rate, which is a key differentiator that technology must enable, not replace. On the claims side, technology is used to support what they call 'proactive claims handling,' which has helped them achieve favorable net loss reserve development of $8.9 million for prior accident years in Q3 2025 alone.

Digital tools must support the personal, high-touch model

AMERISAFE's business model is built on a high-touch, personal interaction approach, especially for high-hazard industries. The technology strategy is defintely not about building a fully digital, low-contact platform. Instead, digital tools are designed to empower their people-the safety professionals, underwriters, and claims adjusters-to deliver better service.

The technology must streamline the back-end operations so employees can spend more time on personal contact with employers and claimants. This focus on customer experience results in an extremely low number of complaints, with a 2024 complaints-to-claims ratio of 1 to 3,767. It's a classic case of using tech to amplify human expertise, not substitute it.

Information security and data privacy remain a critical investment

As a specialty insurer, AMERISAFE handles sensitive policyholder and injured worker data, making information security (InfoSec) and data privacy a non-negotiable, critical investment area. They employ an active Information Security Plan that integrates administrative, physical, and technical controls to protect the confidentiality, integrity, and availability of Company resources.

The regulatory landscape is constantly shifting, so this investment is ongoing and necessary for compliance. The company is committed to a layered approach to security and a maturity model that allows for continual improvement, which means the capital expenditure here will not slow down.

• Protect policyholder data with a layered security approach.
• Ensure compliance with evolving state and federal privacy laws.
• Invest in controls to reduce total enterprise risk.

AMERISAFE, Inc. (AMSF) - PESTLE Analysis: Legal factors

Workers' compensation is governed by a patchwork of state-specific laws, not federal regulation.

For a specialty insurer like AMERISAFE, the legal landscape is defined by its decentralized nature. Workers' compensation is a state-level system, not a federal one, meaning you have to navigate 50 unique regulatory environments to manage risk and pricing effectively.

This decentralized approach allows states to tailor programs to local economies and healthcare costs, but it creates a complex compliance burden for multi-state carriers. While federal laws like the Americans with Disabilities Act (ADA) or the Health Insurance Portability and Accountability Act (HIPAA) overlap, the core benefit structures and claim adjudication processes vary substantially by state.

The key challenge is that a pricing model that works in one state, say Texas, will defintely fail in a highly regulated state like New York or California. This is why AMERISAFE focuses on only 27 states where it can maintain underwriting discipline.

California's regulatory environment is an outlier, with an approved loss cost increase of 8.7%.

California remains a critical but challenging market. It's an outlier because of its unique legal environment, which includes a high rate of litigated claims and a ready acceptance of costly cumulative trauma (CT) claims.

In July 2025, the California Insurance Commissioner approved an average 8.7% increase in the advisory pure premium rate, effective September 1, 2025. This is the first rate increase in California in a decade and directly reflects rising system costs.

This increase, while necessary for carrier profitability, signals a hardening market and higher costs for employers, which AMERISAFE must factor into its pricing to maintain its underwriting margin. The Workers' Compensation Insurance Rating Bureau (WCIRB) had initially proposed an even higher 11.2% increase, highlighting the severity of the underlying cost trends.

Here's the quick math on the California rate shift:

Metric	Value (as of Sept 1, 2025)	Implication for AMERISAFE
Approved Advisory Pure Premium Rate Increase	8.7%	Supports higher earned premiums to offset rising claim costs.
New Average Advisory Pure Premium Rate	$1.52 per $100 of payroll	A benchmark for pricing adequacy in a high-cost state.
WCIRB Proposed Increase	11.2%	Indicates that system costs are rising faster than the approved rate.

Favorable net loss reserve development of $8.9 million in Q3 2025 reflects effective claims handling on prior accident years.

A key legal and operational metric is reserve development, which shows how accurately past claims were estimated. For the third quarter of 2025, AMERISAFE reported a favorable net loss reserve development of $8.9 million for prior accident years.

This favorable development is a direct legal and claims management win. It means the company's proactive claims handling, a core part of its high-hazard focus, has effectively resolved older claims for less than the initial liability reserve.

• Reduced loss and loss adjustment expenses by $8.9 million in Q3 2025.
• Reflects strong claims management and reserving discipline.
• Improves the net loss ratio, supporting overall profitability.

Share repurchase program reauthorization of $25.0 million is subject to SEC and corporate governance rules.

Corporate finance actions are governed by strict federal securities law. On July 24, 2025, AMERISAFE's Board of Directors reauthorized a $25.0 million share repurchase program.

This program is a capital management tool, but its execution is strictly controlled by the Securities and Exchange Commission (SEC) regulations, specifically Rule 10b5-1 under the Exchange Act. This rule allows company insiders to set up a pre-arranged plan to buy or sell stock, providing an affirmative defense against insider trading claims.

The Board maintains discretion to modify or terminate the program based on market conditions and regulatory considerations, but any repurchases must adhere to the plan's structure to ensure legal compliance and transparency. As of September 30, 2025, the remaining authorization was $24.9 million. The program is a clear action to return capital to shareholders within a defined legal framework.

AMERISAFE, Inc. (AMSF) - PESTLE Analysis: Environmental factors

Environmental risk is currently deemed not material at the company level.

For AMERISAFE, Inc., a specialty workers' compensation (WC) insurer, direct environmental risk is not a material concern for the core business, which is underwriting and claims management, not property or manufacturing. The company's primary exposure is to the physical risks faced by its high-hazard policyholders, like construction and logging companies, not its own operations. This internal assessment means that traditional environmental, social, and governance (ESG) reporting metrics for carbon footprint or water usage are less critical than the 'S' (Social) component of workplace safety.

Here's the quick math: The Q3 2025 combined ratio of 90.6% shows excellent underwriting profitability, still well below the 100% breakeven point. The risk is defintely in the soft market pricing and the rising expense ratio from those tech investments.

The focus remains on the indirect risks that could impact the high-hazard industries AMERISAFE insures, specifically the long-term effects of climate change on their operations, which is a growing concern for the broader insurance industry.

Early-stage efforts are underway to assess physical climate risk for high-hazard policyholders.

While the company has not yet quantified a material risk, it is in the early stages of considering potential environmental risk exposures for the industries it covers, such as construction, trucking, and logging. This forward-looking approach is crucial because physical climate risk-like increased frequency of severe weather events-could directly impact the frequency and severity of workplace injuries, especially for outdoor or heavy-industry workers.

The key risk areas for policyholders include:

• Increased Heat Exposure: Leading to higher rates of heat-related illness claims.
• Severe Weather Disruption: Causing construction site closures or delays, which can impact payroll and, consequently, premium volume.
• Catastrophic Events: Potentially increasing the number of severe, multi-worker injury claims following events like hurricanes or wildfires.

The company's operations are primarily office-based, limiting direct environmental impact.

AMERISAFE's operational footprint is minimal, consisting mainly of its DeRidder, Louisiana headquarters and field offices across 27 states. This structure inherently limits the company's direct environmental impact, such as energy consumption or waste generation, compared to a manufacturing or utility company. The underwriting expense ratio for Q3 2025 was 31.1%, reflecting costs primarily tied to personnel, commissions, and technology, not significant physical asset maintenance or environmental compliance. This is a clean one-liner.

The primary environmental consideration within its direct control is the responsible management of its investment portfolio, which, as of December 31, 2024, had a carrying value of $832.8 million, with the majority held in conservative, fixed-income securities.

Sustainability oversight is managed by the Nominating and Corporate Governance Committee.

The responsibility for overseeing the company's sustainability efforts, including environmental and corporate social responsibility (CSR) policies, falls to the Nominating and Corporate Governance Committee (NCG Committee). This structure ensures that ESG factors are addressed at the highest corporate level, coordinating with the Board's Risk Committee on relevant exposures.

The NCG Committee's mandate includes reviewing the company's policies and disclosures related to environmental matters, which formalizes the process for integrating climate-related risk into the Enterprise Risk Management (ERM) framework.

The table below summarizes AMERISAFE's Q3 2025 underwriting performance against the backdrop of critical industry severity trends, highlighting the financial buffer needed to absorb potential environmental-driven claim spikes.

Metric	AMERISAFE Q3 2025 Result	Industry Context (AY 2024/2025)	Implication for Environmental Risk
Net Combined Ratio	90.6%	Industry WC Combined Ratio (CY 2024) was 86.1%	Strong underwriting profit provides a buffer against unexpected loss severity, including those driven by climate events.
Net Loss Ratio	58.5%	AY 2024 Medical Lost-Time Severity increased by 6%	A stable loss ratio is challenged by rising medical inflation (6-8% year-over-year), which could be exacerbated by complex, severe injuries from climate-related incidents.
Underwriting Expense Ratio	31.1%	Reflects ongoing investment in technology and claims management.	Lower expense ratio (down from 31.7% in Q3 2024) creates efficiency, but new climate-risk modeling efforts will increase future operational costs.

Next Step: Risk Management should model the impact of a 2-percentage-point rise in medical severity on the accident year loss ratio, given the industry trends.