Today’s issue of WorkCompRecap features the release of a new report from NCCI that reviewed severity trends by undeveloped size of loss. Typically NCCI develops losses to ultimate, and reflects loss development by size of loss, but in this new report NCCI is looking at trends from data submitted before loss development.
Key findings included that over the PY 2001-2008 period, lost-time claims above thresholds of at least $50K showed similar growth rates, which also held true for claims at third, fifth, and seventh reports. NCCI also noted that from PY 2001-05, claims exceeding their higher thresholds grew slightly faster than total claims, and from PY 2005-08 grew more slowly than total claims.
Find out more (including a link to the free report!) by clicking here!