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Storm of Negative Forces Hurting Workers’ Compensation Market

Early signs for this years workers compensation market show that it is struggling against some significant headwinds. Two forces, in particular, continue to buffet the industry: A troubled job market and regulatory uncertainty.

By Stephen J. Klingel | Updated on April 30, 2011
In May of each year, the National Council on Compensation Insurance (NCCI) presents its annual State of the Line summary of the economic forces affecting the workers’ compensation market. We also offer stakeholders our thoughts on where the market will be headed in the next 12 months.

As we prepare to deliver that much-anticipated report again this year, the early signs are of a market that is struggling against some significant headwinds. Two forces, in particular, continue to buffet the industry: A troubled job market and regulatory uncertainty.

It is important to note that 2011 marks the 100th anniversary of the workers’ compensation system in America. That anniversary is not just a reason to celebrate. It also offers us the opportunity to be realistic about today’s embattled market. While times are certainly difficult, we have seen such difficulties before, and we have successfully managed them. To be successful again today, we will need to learn from the experience of the past, to fully understand the market’s condition, and to act cooperatively to protect the long-term interests of the workers’ compensation system that we all work to support.

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