NCCI: Workers’ Comp Line Thrives Despite COVID-19
The workers’ compensation line powered through the COVID-19 pandemic last year, generating an average profit of 24% while carriers built up $14 billion in “redundant reserves,” the National Council on Compensation said Tuesday during its virtual Annual Issues Symposium.
Chief Actuary Donna Glenn said clearly, the anxiety that NCCI expressed last year about the potential impact of COVID-19 was overblown.
“We feared that it could be devastating for the workers’ compensation system and it was not,” she said.
Donna GlennAccording to NCCI’s State of the Line report, the workers’ compensation line experienced a combined ratio of 87% in 2020, up from 85.4% in the previous year. The 13% underwriting gain in 2020 was on top of an 11% return on insurer investments, leading to an average profit of 24%.
The
economy recovery is uneven at best. Auto manufacturing is hamstrung by scarcity of parts and a steel shortage, construction by not enough sawmill and timber workers, and many sectors desperate for parts lamenting the scarcity of
Hotels, restaurants, cruise lines and airlines are still a long way from pre-COVID revenues.
Supply chains will straighten out, demand will drive up wages for workers in key sectors, and that will drive increased employment.
All that may well increase occupational injuries.
from
As “injury-intensive” industries such as manufacturing, logistics, energy, and construction staff up and accelerate production to meet rising demand, they will:
02/24/21
WorkersCompensation.com
Cambridge, MA (WorkersCompensation.com) - The National Institute for Occupational Safety and Health (NIOSH) Director John Howard will deliver a keynote on the future of work, COVID-19, and worker safety at the end of the second day of the Workers Compensation Research Institute s (WCRI) 37th Annual Issues & Research Conference, held virtually March 23 and 24, 2021.
“We re excited to have Dr. Howard be the closing keynote speaker at our annual conference,” said John Ruser, WCRI s president and CEO. “There are a lot of questions about the impact of COVID-19 and the vaccines on people returning to work. I look forward to Dr. Howard addressing these questions, as well as others, about how changes in work will affect occupational safety and health.”