Search
 

Turbulence Ahead in Workers’ Comp?

Calm now, but increasing medical costs, changing regulations and cyber attacks could threaten the line

By Nancy Grover | Updated on December 01, 2015

The Workers’ Compensation market is characterized as stable, but changes in the nation’s workforce—coupled with rapid-fire technological advancements—threaten to upset the balance of the industry.

The industry’s financial outlook is positive; the National Council for Compensation Insurance (NCCI) describes it in its State of the Line Workers’ Compensation Market Analysis as, “calm now, but turbulence ahead.” During the Florida rate-making and research organization’s recent annual conference, NCCI noted the 2014 calendar year combined ratio for the private Workers’ Compensation market was below 100 for the first time since 2006, total net written premium for the year was up 6% to $44.2 billion, and lost time claim frequency dropped by an average 2% among NCCI states.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nancy Grover

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.