Today’s issue of WorkCompRecap features NCCI’s recent release of the latest edition of its report on excess loss development in workers’ comp, which adds an additional four calendar years of large loss experience, enhanced visualizations, and reviews claim closure rates for various sizes of loss across a variety of AYs and maturities.
Key findings included that claim counts for larger losses are identified quickly and reported faster than those for smaller losses (in the report’s context “smaller losses were still at least $500k); claims with case-incurred losses less than $5 million generally developed upward, while claims with case-incurred losses in excess of $7 million generally developed downward; and cases in the middle of the $5m-$7m band generally developing downward during earlier reporting periods and upward during later reporting periods.
Find out more (including a link to the free report!) by clicking here!