NCCI recently surveyed more than 100 workers compensation insurance executives on what is top of mind for the industry. Conducted annually for more than two decades, the survey highlights some of the key considerations for the new year.
“While the survey results are not surprising, they offer a deeper look into the critical issues facing our industry,” said Bill Donnell, President and CEO of NCCI. “The workers compensation landscape continues to evolve and NCCI is committed to providing timely and relevant insights to system stakeholders.”
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Highlights from the executive survey include:
- Rate Adequacy: Carriers are focused on ongoing loss cost decreases, driven primarily by declining frequency across all areas and categories, and their ultimate impact on premium levels.
- COVID Impacts: Even as the pandemic appears to be subsiding in some areas, the potential for new variants and longer-term impacts reverberate, creating a significant shift in the industry landscape.
- Shifting Workforce/Workplace: With so many dynamics at play, outlook for the workforce and workplace of tomorrow contain more unknowns than in any recent time.
- Rising Medical Costs: Even with new efficiencies such as telemedicine gaining popularity, the outlook for medical inflation is problematic for the industry.
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