Today’s issue of WorkCompRecap features the release of a new study released by the CA WCIRB and other workers’ comp rating bureaus that examines trends in workers’ comp mega claims, defined as claims with incurred losses of $3 million at 2018 cost levels across the country.
The study aimed to determine whether mega claims have become more common over time and are being recognized more quickly than in the past. The study also analyzes the characteristics of mega claims in terms of size, claim type, and industry segment, and whether they have changed over time. Key findings included that the rate of reported mega claims dropped sharply during the Great Recession as construction employment plummeted in most of the country, however since 2013, the share of mega claims has increased steadily.
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