NCCI AIS 2021 Highlights Report Reflects a Strong and Resilient Workers Compensation System
Boca Raton, FL (WorkersCompensation.com) - The US workers compensation system is “emerging from the coronavirus pandemic stronger than ever,” said Bill Donnell, President and CEO of the National Council on Compensation Insurance (NCCI). Donnell and NCCI experts shared an in-depth assessment of workers compensation trends and analysis during NCCI's Annual Issues Symposium themed “Stronger Together” and held May 11–12, 2021.
Content from the two-day symposium, plus bonus features, is now available in the AIS Highlights Report on ncci.com. Workers compensation stakeholders consider AIS to be the leading industry conference.
“Insurers, regulators, and other stakeholders will find a wealth of information available on our site,” said Donnell. “NCCI develops and shares these insights to help everyone in the workers compensation system make informed decisions.”
Highlights from NCCI's Annual Issues Symposium include:
· State of the Line Report—NCCI Chief Actuary Donna Glenn and other NCCI experts revealed detailed metrics on the performance of the workers compensation insurance line in 2020. Net written premium declined 10% in 2020 and carriers recorded $260 million in COVID-19 claims. NCCI said other major financial metrics in 2020 are at or near historic highs as seen here. Glenn described the system as “strong” and “resilient.”
· Time to Treatment—Barry Lipton, FCAS, MAAA, Practice Leader & Senior Actuary at NCCI shared that COVID-19 caused limited impact on treatment times in workers compensation.
· Escalating Claims—Raji Chadarevian, Director, Medical Regulation & Informatics at NCCI revealed that 4% of claims open three years contribute more than 75% of escalating claim costs. The research sheds light on factors that drive runaway claims, including issues that could emerge from COVID-19 injuries.
· A Regulator's View—Arkansas Insurance Commissioner Alan McClain offered his full support for “the grand bargain” of workers compensation, balancing the needs of labor, industry, employers, and injured workers. View the extended conversation with the commissioner and NCCI's Chief Regulatory Officer, Susan L. Donegan, on the AIS Highlights Report.
· Economics of Workers Compensation—Industry economist Bob Hartwig, PhD, of the University of South Carolina, cautioned the pandemic will leave scars on workers, the insurance market, and the US economy, and it may take years to fully recover.
NCCI's Glenn emphasized the resilience of the workers compensation industry and of the people who make it work. “Whatever your role in the workers compensation system, you have made a difference in the past year. We are emerging from the pandemic stronger together,” she said.