NCCI recently surveyed over 100 workers compensation insurance professionals to find out what tops their minds are. The survey, which has been conducted annually for over two decades, highlights key considerations for each new year.
“While the survey results may not surprise, they provide a deeper insight into the critical problems facing our industry,” stated Bill Donnell, President & CEO of NCCI. “The landscape of workers’ compensation is constantly changing and NCCI is committed providing timely and relevant insight to system stakeholders.”
The executive survey highlights include:
— Rate Adequacy – Carriers focus on continuing loss cost reductions. This is driven primarily through declining frequency across all categories and areas, and their eventual impact on premium levels.
— COVID Implications: Despite the fact that the pandemic seems to be subsiding in certain areas, there is still the possibility of new variants and long-term impacts, resulting in a shift in the industry landscape.
— The Future of the Workforce and Workplace: There are many dynamic factors at work, so outlooks for tomorrow’s workforce and workplace are more uncertain than ever.
— Medical Prices: Despite the popularity of telemedicine, the outlook for medical inflation in the industry is not good.
These are some of the latest NCCI research findings.
Workers Compensation Frequency and Severity–What Does COVID Have to Do with It? Is there a Labor Shortage
Traumatic Brain Injuries in Workers Compensation–Associated Medical Services and Costs
To see the top industry concerns of insurance executives and access all NCCI’s resources, please visit ncci.com.