About This Event
Discuss a variety of workers compensation topics from the actuarial perspective. This includes an overview of industry financial results, recent trends, medical cost drivers, and large claim behavior. Key messages include: The calendar year combined ratio for workers compensation is 84%, a sign of underwriting profitability for the system; Workers compensation’s accident year combined ratio is 97% with prior years continuing to experience downward reserve development; Lost-time claim frequency returned to its 20-year trend, declining 4% in the past year; NCCI introduces an analytic method to deconstruct changes in medical utilization over time into contributions from changes in injury mix and medical treatment; The factors driving inflation in large claims can be vastly different from the trends affecting more typical workers compensation claims.
