The start of the new year is often when many of us look back and wonder what the future will hold. For those in the workers' compensation industry, there are a lot of issues that will likely play a greater role in 2020 and beyond. From new legislation to marijuana in the workplace and the ascent of warehouse robotics to mental health, there are countless issues that will determine the big picture in workers' compensation. But what exactly are executives in workers' compensation zeroing in on in 2020? To answer that question, the National Council on Compensation Insurance (NCCI) released its Focus on 5, a list of issues that are top of mind for workers' compensation industry leaders. More than 100 executives surveyed answered the following questions:
- Will insurers be able to react quickly enough to preserve rate adequacy if trends shift?
- How does an aging and changing workforce affect key industry drivers such as claims frequency and severity, along with wage and employment levels?
- What does the future hold for medical care costs given so many variables, such as emerging healthcare technology and treatments, issues related to opioids and marijuana in the workplace, and mega-claims associated with seriously ill or injured workers?
- Will the gig economy ever grow to the extent that it affects the traditional workforce? And will insurers develop innovative products to serve that market?
- How will rapidly changing workplace technology affect American jobs and the workers' compensation industry? Can regulation and legislation keep pace?
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
