Workers’ comp executives list their top concerns in 2020
What’s keeping workers’ comp insurance executives up at night in the beginning of the New Year?
More than 100 such executives took part in an annual survey conducted by the National Council on Compensation Insurance. It’s clear that their fluid marketplace dictates that insurers plan for more than the status quo.
Some of their top issues were:
- Premiums are declining due to increased competition. More companies are investing in predictive analytics and actuarial research to validate whether rates are set at adequate levels.
- Will the aging workforce change the frequency and severity of claims? This has resulted in renewed emphasis on workplace safety and education.
- How will the emerging gig economy of independent contractors change the marketplace? Are there appropriate coverage options for freelancers?
- To what degree will increased automation change employment and payroll levels?
Read more about the survey results.
Source: ncci.com