Today’s issue of WorkCompRecap features the release of a new Insights article from NCCI that reflects on the evolution of workers’ comp ratemaking over the past century, discussing the key components that have been affected by the constantly changing environment. The article delves into the growth of NCCI from providing services for 69 workers compensation insurers in 1923 to nearly 900 today, as well as the shift from “workmen’s compensation” to “workers compensation.”
The article not only provides valuable historical context, but also draws comparisons between present challenges and those faced by the industry in the past, such as inflation, changing benefit levels, data availability, and catastrophic events. Key areas explored in the study include ratemaking data, exposure base, experience period, overall trends, cost drivers, the residual market, and classification. NCCI noted that there is much to learn from past experiences that can aid in better understanding and navigating today’s complex workers’ comp landscape.
Find out more (including a link to the free report!)