New York, NY – Marsh recently released a new report noting that six months after COVID-19 was declared a pandemic, claims of COVID-19 exposure in the workplace have been outpaced by a decline in other types of reported occupational injuries.
The workers’ compensation insurance market also remains competitive, with average premiums having renewed between -5% and +3%, in the first half of 2020. Results varied, however, depending upon individual account characteristics, with some buyers seeing double-digit rate decreases or high single-digit rate increases.
With the frequency of non-COVID-19 claims remaining lower than expected, the workers’ compensation line is expected to be less affected by the pandemic.
Marsh also cautioned that employers still face sizable challenges due to the pandemic, including managing payroll and properly classifying employees as well as new presumption laws.
At the same time, new tools such as telemedicine and a more collaborative approach to claims management can present opportunities for employers to stay ahead of the curve.