Workers Comp Execs Identify Major Concerns.
|[WC FOCUS] INSURANCE ADVOCATE
As it has annually for nearly two decades, NCCI recently surveyed more than 100 workers compensation insurance executives to hear what topics are top of mind for the industry. The results are not surprising, but the list of top concerns contains a multitude of interconnected complexities, particularly as it relates to the topics of:
* Rate Adequacy COVID I mpacts
* Shifting Workforce/Workplace
* Rising Medical Costs
When you overlay the added considerations of very broad topics, such as regulatory activity and the economic outlook, it's easy to see why these executives have a lot to consider when guiding their organizations into 2022 and beyond.
Carriers are focused on ongoing loss cost decreases, driven primarily by declining frequency across all areas and categories, and their ultimate impact on premium levels.
How long might these trends continue and what factors might contribute to a change in direction?
Will the "great reshuffle" in the US workforce impact claim frequencies and severities?
What can we expect in a postCOVID economy in terms of inflation, unemployment, and interest rates?
Even as the pandemic appears to be subsiding in some areas, the potential for new variants and longer-term impacts reverberate, creating a significant shift in the industry landscape.
How would the expansion of presumption for infectious diseases impact workers compensation coverages and costs?
What will be the impact from a significant number of employees working from home rather than in an office?
How do we quantify the costs and challenges associated with "long-haul" COVID, including return to work, and the financial impact of resulting medical and indemnity claims?
With so many dynamics at play, the workforce and workplace of tomorrow contain more unknowns than at any time in recent memory.
How will the dust settle on "the great reshuffle" of workers coming into new jobs, new industries, and with new working environments in many cases?
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