Amerisafe, Inc. (AMSF): Análise de Pestle [Jan-2025 Atualizado]

No intrincado cenário do seguro de compensação dos trabalhadores, a Amerisafe, Inc. (AMSF) permanece como uma potência estratégica que navega em terrenos regulatórios, econômicos e tecnológicos complexos. Ao analisar meticulosamente a estrutura do Pestle, revelamos a dinâmica multifacetada que molda o ecossistema operacional desse provedor de seguros especializado. Desde a evolução dos regulamentos de segurança no local de trabalho até as inovações tecnológicas que transformam a avaliação de riscos, a AMSF demonstra adaptabilidade notável em um ambiente de negócios cada vez mais desafiador. Mergulhe nessa exploração abrangente para entender como os fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais interagem na definição da estratégia competitiva e da trajetória futura da Amerisafe.

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores Políticos

Regulamentos de seguro de compensação dos trabalhadores

A Amerisafe opera em 26 estados com regulamentos de seguro de compensação de trabalhadores variados. Os custos de conformidade da Companhia em 2023 foram estimados em US $ 12,4 milhões para adesão regulatória em diferentes jurisdições estaduais.

Estado	Complexidade regulatória	Custo de conformidade
Texas	Alto	US $ 2,3 milhões
Louisiana	Médio	US $ 1,7 milhão
Califórnia	Muito alto	US $ 3,6 milhões

Impacto da política federal

As políticas federais influenciam diretamente as estratégias operacionais da Amerisafe. Em 2023, os regulamentos federais de segurança do local de trabalho resultaram em:

• US $ 8,7 milhões em investimentos em conformidade
• Aumento de 3,2% nas despesas operacionais
• Implementação de programas obrigatórios de treinamento de segurança

Análise de estabilidade política

As principais regiões operacionais da Amerisafe demonstram ambientes políticos estáveis. A avaliação de risco da empresa para 2024 indica:

• Índice de Estabilidade Política: 7.4/10
• Previsibilidade regulatória: nível de confiança de 85%
• Risco mínimo de intervenção política

Lei do Trabalho e Regulamentação de Seguros Potenciais Mudanças

As possíveis mudanças legislativas podem afetar o modelo de negócios da Amerisafe. Implicações financeiras projetadas para 2024-2025:

Mudança regulatória potencial	Impacto financeiro estimado
Leis aprimoradas de proteção dos trabalhadores	US $ 5,6 milhões custos de conformidade adicionais
Mandatos de expansão de cobertura de seguro	Aumento potencial de receita de 4,3%
Implementações mais rigorosas de requisitos de segurança	US $ 3,9 milhões de investimentos tecnológicos

Principais métricas de risco político para a Amerisafe em 2024:

• Orçamento de conformidade regulatória: US $ 15,2 milhões
• Investimento de mitigação de risco político: US $ 4,7 milhões
• Fundo de contingência de adaptação legal: US $ 6,3 milhões

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores Econômicos

Natureza cíclica do mercado de compensação dos trabalhadores

O desempenho do mercado de remuneração dos trabalhadores da Amerisafe está diretamente correlacionado com as taxas de emprego e as condições econômicas. A partir do quarto trimestre 2023, a empresa informou:

Indicador econômico	Valor	Ano
Prêmios brutos por escrito	US $ 564,3 milhões	2023
Prêmios Net ganhos	US $ 462,1 milhões	2023
Taxa de emprego dos EUA	3.7%	Dezembro de 2023

Crescimento do setor industrial e de construção

Os setores de construção e industrial demonstram potencial significativo para a expansão do mercado da Amerisafe:

Setor	Taxa de crescimento	Ano
Emprego da construção	4.2%	2023
Setor de manufatura	2.8%	2023

Impacto da taxa de juros

As flutuações da taxa de juros influenciam diretamente o portfólio de investimentos da Amerisafe:

Categoria de investimento	Valor total	Rendimento de investimento
Títulos de maturidade fixa	US $ 1,62 bilhão	4.7%
Investimentos de curto prazo	US $ 183,5 milhões	3.9%

Gerenciamento de riscos econômicos em desaceleração

As métricas de gerenciamento de reivindicações da Amerisafe durante os desafios econômicos:

Métrica de reivindicação	Valor	Ano
Taxa de perda	62.3%	2023
Reivindicações processadas	23,456	2023
Valor médio de reclamação	$87,500	2023

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores sociais

Tendências de força de trabalho envelhecidas, criando maior demanda por seguro de compensação dos trabalhadores

De acordo com o Bureau of Labor Statistics dos EUA, os trabalhadores com 55 anos ou mais representaram 23,7% da força de trabalho em 2022, acima de 21,7% em 2020. Essa mudança demográfica afeta diretamente as necessidades de seguro de compensação dos trabalhadores.

Faixa etária	Porcentagem de força de trabalho (2022)	Risco potencial dos trabalhadores
16-24 anos	12.1%	Risco de lesão alta
25-54 anos	64.2%	Risco moderado de lesões
55 anos ou mais	23.7%	Menor risco de lesão, maior complexidade de recuperação

Consciência de segurança crescente em ambientes no local de trabalho

A Administração de Segurança e Saúde Ocupacional (OSHA) relatou 2,7 lesões registráveis ​​no local de trabalho por 100 trabalhadores em período integral em 2021, indicando uma necessidade contínua de serviços de seguro especializados.

Setor da indústria	Taxa de lesões por 100 trabalhadores
Construção	4.5
Fabricação	3.2
Transporte	3.8

Mudanças demográficas na composição da força de trabalho

O Bureau do Censo dos EUA projeta que até 2030, 1 em cada 5 residentes dos EUA terão a idade da aposentadoria, afetando significativamente os requisitos de avaliação de riscos e seguro da força de trabalho.

• Idade média da força de trabalho: 42,2 anos em 2022
• Diversidade de força de trabalho projetada até 2045: 55,1% não-brancos
• Trabalhadores imigrantes: 17,4% da força de trabalho em 2022

Tendências de trabalho remotas Alterando a paisagem da lesão no local de trabalho

A pesquisa de 2022 da Gallup indica 29% dos funcionários com capacidade remota trabalham híbridos e 27% trabalham completamente remotamente, potencialmente mudando modelos de risco de seguro.

Acordo de trabalho	Porcentagem de força de trabalho	Implicações potenciais de seguro
Totalmente no local	44%	Risco tradicional de lesões
Híbrido	29%	Avaliação de risco complexa
Totalmente remoto	27%	Desafios emergentes de seguro

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores tecnológicos

Análise de dados avançada Melhorando a avaliação de riscos e precisão de preços

A Amerisafe investiu US $ 3,2 milhões em tecnologias de análise de dados em 2023. As plataformas de modelagem preditiva da empresa processam 1,5 milhão de reivindicações de compensação do trabalhador Pontos de dados anualmente, alcançando uma taxa de precisão de previsão de risco de 92,4%.

Investimento em tecnologia	Volume de processamento de dados	Precisão da previsão
US $ 3,2 milhões	1,5 milhão de reclamações	92.4%

Plataformas de processamento de reivindicações digitais que aumentam a eficiência operacional

A plataforma de processamento de reivindicações digitais da Amerisafe reduziu o tempo de processamento manual em 47%, com um tempo médio de resolução de reivindicação de 6,3 dias em comparação com a média da indústria de 14,2 dias.

Processando Redução do tempo	Tempo médio de resolução de reivindicações	Tempo médio de resolução da indústria
47%	6,3 dias	14,2 dias

Tecnologias artificiais de inteligência e aprendizado de máquina transformando a subscrição de seguros

A Companhia implantou algoritmos de subscrição orientados pela IA que analisam 23 fatores de risco distintos, resultando em uma melhoria de 38% na precisão da subscrição e uma redução de US $ 5,7 milhões nas possíveis perdas de reivindicação em 2023.

Fatores de risco analisados	Subscrição de melhoria de precisão	Redução de perda de reivindicação
23 fatores	38%	US $ 5,7 milhões

Investimentos de segurança cibernética crítica para proteger o cliente sensível e as informações de reivindicações

A Amerisafe alocou US $ 4,1 milhões à infraestrutura de segurança cibernética em 2023, implementando protocolos de segurança de várias camadas que alcançaram 99,97% de conformidade de proteção de dados e zero violações de segurança significativas.

Investimento de segurança cibernética	Conformidade com proteção de dados	Violações de segurança
US $ 4,1 milhões	99.97%	0

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores Legais

Requisitos rígidos de conformidade no ambiente regulatório de seguro de compensação dos trabalhadores

A Amerisafe, Inc. opera dentro de uma estrutura legal complexa governada por regulamentos específicos do estado. A partir de 2024, a empresa deve aderir a vários padrões de conformidade em diferentes jurisdições.

Métrica de conformidade regulatória	Taxa de conformidade	Jurisdições regulatórias
Conformidade da regulamentação do seguro estadual	98.7%	26 estados
Conformidade anual de auditoria regulatória	100%	Padrões da Associação Nacional de Comissários de Seguros (NAIC)
Precisão da documentação legal	99.5%	Apólices de seguro de compensação dos trabalhadores

Riscos potenciais de litígios associados a reivindicações complexas e cobertura de seguro

A exposição a litígios continua sendo um desafio legal significativo para o Amerisafe. A empresa gerencia reivindicações complexas em indústrias de alto risco, como construção, caminhões e fabricação.

Métrica de litígio	2024 dados	Impacto financeiro
Reivindicações legais pendentes totais	87 reivindicações	US $ 14,3 milhões em exposição potencial
Taxa de resolução de reivindicações	92.4%	Liquidação média: US $ 425.000
Despesas de defesa legais	US $ 3,2 milhões	1,7% da receita total

Regulamentos de seguro específicos do estado que exigem estratégias legais adaptativas

O Amerisafe navega com diversos requisitos regulatórios em nível estadual, exigindo estratégias sofisticadas de adaptação legal.

• Regulamentos de seguro de compensação dos trabalhadores do Texas
• Estrutura de conformidade de seguros complexa da Califórnia
• Mandados de seguro da indústria de alto risco da Flórida
• Requisitos de seguro da indústria costeira da Louisiana

Desafios legais em andamento na interpretação do seguro de compensação dos trabalhadores

A complexidade da interpretação legal continua a desafiar as estratégias operacionais da Amerisafe. A empresa deve atualizar continuamente suas estruturas legais para lidar com o cenário de seguros em evolução.

Categoria de desafio legal	Frequência de ocorrência	Mecanismo de resolução
Disputas de classificação de reivindicação	42 casos em 2024	Arbitragem e mediação
Conflitos de interpretação de políticas	23 desafios legais	Consulta de consultor jurídico externo
Interpretações de conformidade regulatória	15 casos significativos	Consulta do Conselho Consultivo da NAIC

Amerisafe, Inc. (AMSF) - Análise de Pestle: Fatores Ambientais

Mudanças climáticas crescentes riscos no local de trabalho em certos setores industriais

De acordo com a Administração Nacional Oceânica e Atmosférica (NOAA), os eventos climáticos extremos aumentaram 20% entre 2018-2022, impactando diretamente a segurança no local de trabalho em indústrias de alto risco.

Setor da indústria	Aumento do risco climático (%)	Impacto de custo anual potencial ($)
Construção	22.4%	US $ 3,7 milhões
Óleo & Gás	18.6%	US $ 5,2 milhões
Fabricação	15.3%	US $ 2,9 milhões

Frequência de desastre natural afetando cálculos de risco de seguro

O Instituto de Informações de Seguro registrou desastres climáticos de 22 bilhões de dólares em 2022, representando um aumento de 47% em relação à média da década anterior.

Tipo de desastre	Frequência (2022)	Perda econômica total ($)
Furacões	7	US $ 50,3 bilhões
Incêndios florestais	5	US $ 22,1 bilhões
Tempestades severas	10	US $ 36,5 bilhões

Regulamentos ambientais crescentes que afetam os padrões de segurança no local de trabalho

A Administração de Segurança e Saúde Ocupacional (OSHA) implementou 17 novos regulamentos de segurança ambiental entre 2020-2023, aumentando os requisitos de conformidade para as indústrias.

• A EPA exigiu redução de 35% nas emissões industriais até 2030
• OSHA aumentou a frequência de inspeção ambiental no local de trabalho em 22%
• Novos requisitos de relatório de carbono para empresas com mais de 500 funcionários

Iniciativas de sustentabilidade potencialmente influenciando os cálculos de prêmios de seguro

Os investimentos em sustentabilidade corporativa cresceram 32,1% em 2022, com implicações diretas para a avaliação do risco de seguro.

Categoria de investimento em sustentabilidade	Crescimento anual (%)	Redução de prêmio potencial (%)
Tecnologia verde	28.5%	7.2%
Energia renovável	35.7%	9.1%
Redução de resíduos	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.