Boca Raton, FL – NCCI recently released its Mid-Year Highlights Report for 2022, noting that overall workers compensation (WC) results for 2021 were strong and consistent with the recent past. The new report highlights actuarial and economic insights that NCCI has provided in 2022 and shares top-of-mind considerations heading into the second half of the year.
The WC industry has remained resilient as it faces challenges, including the COVID-19 pandemic and various economic-related influences, such as inflation and the Great Reshuffle. These factors have impacted both the labor force and the WC system at large. NCCI analyzes factors impacting the WC industry to provide insights to stakeholders.
Topics that are top concerns for the industry and examined by NCCI include:
Despite an ever-changing landscape, the WC industry has proven to be resilient, with strong results in 2021. Eight consecutive years of underwriting profitability and a calendar year combined ratio of 87% indicate this.
COVID-19 presented new challenges for the WC industry and created a need for countrywide information to better understand the pandemic’s impact on the WC system.
The shifting workforce and workplace
Both the workforce and workplace are changing rapidly. The COVID-19 pandemic and the consequent Great Reshuffle in labor markets have produced wide-ranging effects, including increases in short-tenured workers and remote work.
Another issue that is top of mind for NCCI is medical costs. Updates to Medicare reimbursement rates may impact WC medical costs. In contrast to 2021, revisions to the Medicare physician fee schedule in 2022 were relatively minor.
Read the full report: NCCI 2022 Mid-Year Highlights Report