5 Questions with NCCI’s Stephen Cooper on AIS, State of the Economy

With NCCI's Annual Insights Symposium just a few days away, we were fortunate enough to catch up with Stephen Cooper, Executive Director and Senior Economist, who gave us a sneak peek on what would be on tap for his session, The State of the Economy and Its Impact on Workers Compensation, happening, May 13 at 1 p.m. EDT.

Q. Why is the topic of this session important for the industry? 

Stakeholders continue to list economic uncertainty as a top concern, given that workers' compensation insures employers and workers. Employment and wages directly impact premium in workers' compensation while other indicators can impact frequency and severity trends. 

Q. Who stands to gain the most from attending this session? 

Anyone in and around the P&C industry can benefit from a discussion on the economy, particularly those in the workers compensation space. 

This session is focused on the economy – specific to workers compensation, and the data and insights are shared with the goal of supporting a healthy workers compensation industry. 

Q. In a nutshell, what will this session cover? 

This session will dive into the four most important aspects of the economy for workers compensation:  

·        Growth 

·        Employment 

·        Inflation, and  

·        Interest rates.  

Each section will discuss current happenings, where impacts might be felt in both the economy and workers compensation, as well as highlight some of the outstanding questions that have yet to be answered. 

Q. What about your journey in the industry has been the key (or keys) for your understanding this topic and explaining it to others? 

After receiving stakeholder feedback that the economy is top of mind for industry leaders, our team decided to develop the Labor Market Insights and Medical Inflation Insights to provide timely perspectives on what the latest data and analytics could mean for the industry.  

Q. What about your role in the industry makes you proud to be delivering this session to the AIS audience? 

We know that rapidly evolving economic conditions have created uncertainty and questions for many industry stakeholders. I’m looking forward to taking an in-depth look at recent economic developments and their potential impacts to the workers compensation system. 

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