Economics of Workers’ Compensation

At the 2019 NCCI Annual Issues Symposium, Robert Hartwig, Professor of Finance from the University of South Carolina discussed how the economy is impacting workers’ compensation. The highlights: The economy and workers’ compensation are strongly linked. Higher employment leads to higher payrolls which is the basis for premiums. We expect 2.6 million jobs to be […]

State of the Line

At the 2019 NCCI Annual Issues Symposium, NCCI Chief Actuary Kathy Antonello gave the much anticipated “state of the line” presentation. The comparisons provided are all 2017 vs 2018 unless otherwise stated. The highlights: Property & Casualty results There was a 10.6% increase in total industry premiums. The growth was fairly consistent across multiple lines. […]

Opening Session at NCCI Annual Issues Symposium

The 2019 NCCI Annual Issues Symposium was kicked off by NCCI President and CEO Bill Donnell. Behind every workplace injury is a person. In the workers’ compensation industry this is something that we always need to keep in mind in everything we do. Based on surveys of NCCI members, their top concerns for the future […]

Provider Networks in Workers’ Compensation

At the 2018 NCCI Annual Issues Symposium, Barry Lipton from NCCI and Alex Swedlow from CWCI discussed studies on the impact provider networks have on workers’ compensation. California Data Data reviewed from 1990-2017 332% increase in medical costs per claim during that time period. In 2003, California passed legislation to encourage medical network use. Another […]

Blockchain and Insurance

At the 2018 NCCI Annual Issues Symposium, Paul Meeusen, from Swiss Re and B3i discussed how blockchain can impact the insurance industry. Blockchain is defined as a digital data structure for identifying and tracking information across a network of computers. Blockchain provides a transparent and secure way to track and distribute the information. In insurance, […]

Marijuana and Opioids in Workers’ Compensation

At the 2018 NCCI Annual Issues Symposium, David Deitz, MD, and Raji Chadarevian from NCCI discussed the use of medical marijuana and opioids in workers’ compensation. The number of claims that included the use of opioid medications in workers’ compensation decreased 12% from 2014 to 2015 and 8% in from 2015 to 2016. Overall, opioid […]

Workers’ Compensation Mega Losses

At the 2018 NCCI Annual Issues Symposium, Michael Choo and Scott Goll from Paradigm Outcomes discussed trends in mega losses (defined as claims with total incurred greater than $1 million). The types of claims Paradigm sees are catastrophic injuries, including spinal cord, brain injuries, multiple amputations and severe burns. They receive over 1,000 claims per […]

Risk Manager’s View of Workers’ Compensation

At the 2018 NCCI Annual Issues Symposium, a panel of risk managers discussed the evolving workforce and it’s impact on workers’ compensation. The panel included: Susan Donegan – Chief Regulatory Officer, NCCI (moderator) Michelle Adams – VP Risk Management Services, Walt Disney World Resort Marc Salm – VP Risk Management, Publix Super Markets, Inc. Melanie […]

The Economy and Workers’ Compensation

At the 2018 NCCI Annual Issues Symposium, Robert Hartwig, Clinical Associate Professor of Finance at the University of South Carolina gave a fast-paced session highlighting the impact the economy is having on workers’ compensation. The highlights: Growth of workers’ compensation premiums is tied to growth in our economy and our economy is growing right now. […]

NCCI State of the Line Report

At the 2018 NCCI Annual Issues Symposium, Kathy Antonello, Chief Actuary for NCCI, gave the State of the Line presentation. The highlights: Last year brought double-digit rate decreases in almost half of the NCCI states. Tax reform is having a significant impact on the workers’ compensation line. Workers’ compensation net written premiums dropped 0.7% to […]

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