Today’s issue of WorkCompRecap features NCCI’s release of its annual State of the Line market analysis, which described the workers’ compensation industry as “transforming”.
Key findings included a 6-point decline in the 2015 combined ratio for private insurers compared to 2014, and total market net written premium increased by nearly 3% to $45.5 billion, driven primarily by payroll increases. NCCI pointed to several areas of transformation, including monitoring technology, automation, changes in how employees work, and the regulatory environment. Diligence from system stakeholders was also encouraged, as while overall medical severity has decreased in recent years, prescription drug costs have continued to increase, which could contribute to increases in future medical costs.
Find out more (including a link to the free report!) by clicking here!