Today’s issue of WorkCompRecap features NCCI’s release of a new Insights brief on potential COVID-19-related impacts to the NCCI-managed Residual Market Pools. The residual market is generally comprised of small policies, a significant number of which are in the construction industry.
Key findings, while preliminary for getting a full understanding of COVID’s effect, were apparently encouraging, with anecdotal feedback and NCCI employment data showing that the construction industry has been less affected by pandemic-related shutdowns than service sectors. On the claims front, healthcare workers and first responders have accounted for a majority of COVID-19 claims to date, which account for 2.2% of all residual market claims and 1.1% of total incurred losses.