The Great Reshuffle’s Impact on Workers’ Compensation
At the 2022 NCCI Annual Insights Symposium, a session discussed how changes to the labor force are impacting workers’ compensation. The speakers were Len Herk and Carolyn Wise from NCCI. Highlights In the latest jobs report, there were over two million less people in the workforce compared to pre-pandemic figures from 2019. Labor shortages have […]
NCCI State of the Line Report
At the 2022 NCCI Annual Insights Symposium, NCCI Chief Actuary, Donna Glenn, presented the annual State of the Line Report. This includes workers’ compensation data from NCCI states on primary workers’ compensation policies. The highlights were as follows: For calendar year 2021, workers’ compensation had the lowest combined ratio of all property-casualty lines. In some […]
The Impact of Catastrophic Events on Workers’ Compensation
At the 2022 NCCI Annual Insights Symposium, Katherine Williamson from NCCI discussed the impact catastrophes have on workers’ compensation. Understanding Past Events There have been many past events that redefined workers’ compensation risk with the first being the Triangle Shirtwaist Fire in 1911. Workers’ compensation and many workplace safety laws arose after this. In 1947, […]
NCCI State of Line Report
On May 11, 2021, NCCI held their Annual Issues Symposium. NCCI is the largest workers’ compensation rating agency representing 34 states, which is the data used in their analysis. The main event of the Annual Issues Symposium is always their State of the Line Presentation. Here are some highlights from that presentation: Net written premium […]
Gen rX – The Next Generation of Medicine
Medical technology, treatments, delivery and even payment mechanisms are evolving. In this session at NCCI’s AIS Virtual Conference, Raji Chadarevian, Director of Medical Regulation and Informatics, highlighted new developments and offered insight into what the near future may hold for workers’ compensation. Delivery Who Is Delivering Medical Services? In 2012, nonphysicians made up 47 percent […]
Latest Trends in Worker Demographics
In this session at NCCI’s AIS Virtual Conference, Barry Lipton, FCAS, MAAA, Practice Leader and Senior Actuary, reviewed new and updated NCCI research on worker demographics and their potential impact to workers’ compensation. The Aging Workforce and Its Implications By 2028, nearly 10 percent of the workforce will be made up of those ages 65 […]
NCCI State of the Line Report
Each year NCCI produces a State of the Line Guide that provides a review of the latest workers’ compensation financial indicators, trends, cost drivers and broad economic markers. In this session at the NCCI AIS Virtual Conference, Chief Actuary Donna Glenn, FCAS, MAAA, provided an overview of NCCI’s findings. COVID-19 Update COVID-19 has influenced sudden, […]
Coronavirus and the Recession of 2020 – What It Means for Workers’ Compensation
It is no secret that the COVID-19 pandemic is already wreaking havoc on the economy. It this session at NCCI’s AIS Virtual Conference, Robert Hartwig, PhD, CPCU, presented the pandemic’s effect on our economy and the workers’ compensation system. The property/casualty industry is entering the COVID-19 era with significant financial strength, which is positive. The […]
21st Century Changes to Worker Health and Safety
At the 2019 NCCI Annual Issues Symposium, Dr John Howard, Director of the National Institute for Occupational Health and Safety, talked about emerging technology that will impact worker health and safety. Robotics have advanced so that they can perform three basic tasks. Sensing which is done through interpretation of data from environmental sensors. Thinking is […]
Results from Recent NCCI Studies
At the 2019 NCCI Annual Issues Symposium, Barry Lipton, Practice Leader and Senior Actuary for NCCI discussed a variety of recent NCCI studies. Group Health vs Workers’ Comp Pricing There are some substantial differences in how these plans are regulated. Much of group health is regulated on the Federal side, while workers’ comp is entirely […]