NCCI AIS 2021 Highlights Report Displays a Robust and Resilient Employees Compensation System | Nationwide Information

BOCA RATON, Fla., May 13, 2021 / PRNewswire / – The United States Workers Compensation System “is emerging more than ever from the coronavirus pandemic,” he said Bill Donnell, President and CEO of the National Council on Compensation Insurance (NCCI). The experts from Donnell and NCCI shared an in-depth assessment of the trends and analysis of employee compensation during the NCCI Annual Issues Symposium under the motto “Stronger Together” from May 11th to 12th, 2021.

The Work-Comp system “emerges stronger than ever from the coronavirus pandemic”. – –Bill Donnell, NCCI President & CEO

Contents of the two-day symposium as well as bonus functions are now available in the AIS Highlights Report on ncci.com. Consider stakeholders in employee compensation AIS to be the leading industry conference.

“Insurers, regulators and other stakeholders can find a wealth of information on our website,” said Donnell. “NCCI is developing and sharing these findings to help all workers in the compensation scheme make informed decisions.”

Highlights from NCCIs Annual Issues Symposium lock in:

• Line report status—NCCI Chief Actuary Donna Glenn and other NCCI experts released detailed metrics on employee compensation insurance performance in 2020. The net written premium declined 10% in 2020 and carriers recorded $ 260 million in COVID-19 claims. NCCI said other key financials are at or near historical highs in 2020, as seen here. Glenn described the system as “strong” and “resilient”.
• Time to treatment– Barry Lipton, FCAS, MAAA, Practice Director and Acting Actuary at NCCI said COVID-19 is having a limited impact on employee compensation treatment times.
• Escalating claims– Raji Chadarevian, director of medical regulation and informatics at NCCI, announced that 4% of three-year claims account for more than 75% of rising claims costs. The research sheds light on factors leading to runaway claims, including issues that could result from COVID-19 injuries.
• A regulator’s view– Arkansas Insurance Commissioner Alan McClain offered its full support for the “big business” of workers’ compensation, balancing the needs of workers, industry, employers and injured workers. Watch the in-depth interview with the Commissioner and Chief Regulatory Officer of NCCI. Susan L. Donegan, on the AIS Highlights report.
• Economic efficiency of employee compensation– industrial economist Bob Hartwig, PhD, the University of South CarolinaThe pandemic will leave scars on workers, the insurance market, and the U.S. economy, and it may take years to fully recover.

NCCI’s Glenn highlighted the resilience of the compensation industry and the people who make it work. “Regardless of your role in the employee compensation system, you made a difference in the past year. Together, we will emerge stronger from the pandemic,” she said.

In addition to videos of the presentations and summaries, the AIS highlights report includes the NCCI Line status with a detailed background on performance indicators for employee compensation insurance. The materials are free and available to everyone www.ncci.com.

About NCCI

NCCI’s mission was founded in 1923 and is to promote a system of compensation for healthy workers. To support this mission, NCCI collects data, analyzes industry trends and gives objective recommendations on insurance rates and loss costs. These activities, combined with a comprehensive set of tools and services, make NCCI the source you can trust for compensation information.

Media contact:

Cristine Pike

Manager, Communication, NCCI

[email protected]

561-893-3631

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SOURCE NCCI