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.
Among the factors challenging the Workers' Compensation system are increasing medical costs, threats to the industry's security systems and the changing nature of the workforce. However, many organizations are seeking solutions by using technology to prevent injuries and to identify and address high-risk claims.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 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.
