Today’s issue of WorkCompRecap features NCCI’s release of a new “Insights” piece from President & CEO Bill Donnell that celebrates the 100th anniversary of NCCI and examines the journey of workers’ comp over the past century. “Workers’ Compensation: Past, Present & Future” highlights the resilience of the industry through major challenges including recessions, a world war, and a global pandemic that have shaped and strengthened the system.
The write up includes an overview of the current performance of the workers’ comp system and explores the possible risks to its health. While no single number can encompass the system’s health as a whole, total nationwide net written premiums increased 11% during the past year, rising to $47.5 billion, slightly higher than 2019, indicating workers comp has essentially made up the ground lost during the pandemic. Donnell however cautions against rising claim severity and potential long-term risks due to inflation and a possible recession. The piece concludes with a glimpse into the future, stressing the need for continuous evolution and responsiveness.