Boca Raton, FL – The National Council on Compensation Insurance (NCCI) recently announced the results of its annual survey of workers compensation insurance executives.
This year NCCI is reflecting the results in its Focus on 5, a listing of the issues, trends, and challenges the industry will face in 2019.
2019 Focus on 5 Topics
This year’s Focus on 5 is made up of familiar, interrelated topics from years past:
- Adapting to the Changing Workforce and Workplace
More than half of insurer executives interviewed saw adapting to the changing workforce and workplace as a challenge for 2019. They expressed concern not only over new and changing risks associated with an aging workforce, unskilled workers, independent contractors, and new technology, but with assessing these and other unknown risks.
- Maintaining Profitability and Premium
Insurers are concerned about their ability to maintain profitability and premium levels that may be affected by changes in loss cost trends, legislation, and the economy.
- Medical Costs, Advances, and Determining Appropriate Care
Medical costs, advances, and determining appropriate medical care are mentioned as major concerns and challenges by more than a quarter of the leaders interviewed. While rising costs remain a concern, insurers have somewhat “baked them in” to their expectations.
- Political, Regulatory, Legislative, and Legal Environment
Insurers continue to be concerned about political volatility and the impact of new legislation. Compared to years past, however, there were fewer mentions of concern over federal involvement in the industry.
- The Future of the Workers Compensation Industry
What they said: Most of the challenges and concerns expressed going into 2018 remain relevant in 2019. The future of the workers compensation industry, opioid abuse and medical marijuana, and advancements in technology are all top of mind. New concerns for worker safety are tied to the hiring of more unskilled workers, distracted drivers, and the challenge of “under the influence” workers.
“We place a great deal of value on the feedback we get from industry executives,” said NCCI President and CEO Bill Donnell. “In turn, we will use our Focus on 5 to provide our industry stakeholders with the research and insights they need to navigate a complex workers compensation environment.”
NCCI conducted its annual survey in September 2018, polling senior executives at more than 100 carrier companies across the country.
A more detailed overview of survey results is available at What’s Keeping Workers Compensation Executives Up at Night?