Today’s issue of WorkCompRecap features NCCI’s release of the results of its latest Workers Compensation Industry Leadership Survey, which questioned 100 workers’ compensation executives on their top concerns for workers’ comp, and what key issues they are looking ahead to for the system in 2023.
Key areas of concern for executives included rate adequacy, as the system has experienced years of declining loss costs and rates, and there is uncertainty about when and if this downward trend will change. Medical Inflation was also a top concern as treatment costs continue rising, especially for new and advanced treatment and prescription drugs. NCCI also noted that execs are watching the economy with uncertainty surrounding growth, interest rates, the labor market, and investment returns all point to a complicated economic landscape for insurers. Two major workforce and workplace trends, worker shortages/inexperienced workers; and remote/hybrid workers are creating additional issues to watch.