The annual Focus on 5 survey by the National Council of Compensation Insurance (NCCI) yielded the following issues that are keeping workers comp executives up at night:
- Will insurers be able to react quickly enough to preserve rate adequacy if loss costs start to rise after a sustained period of decline?
- How does an aging and changing workforce affect industry drivers like claims frequency and severity, along with wage and employment levels?
- What does the future hold for medical care costs, given variables like 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 workers comp premium levels? And will insurers develop innovative products to serve that market?
- How will rapidly changing workplace technology affect American jobs and the workers comp industry? Can regulation and legislation keep pace?
“It is critically important that we stay on top of the issues affecting our industry,” said Bill Donnell, NCCI president and CEO. “With a better understanding of the concerns of these leaders we can focus on key topics and provide insights that enable more informed decision making across the workers compensation system.”