NCCI AIS 2021 Highlights Report Displays a Robust and Resilient Staff Compensation System

The NCCI AIS 2021 Highlights Report reflects a strong and resilient employee compensation system

• 05/14/21
• WorkersCompensation.com

Boca Raton, FL (WorkersCompensation.com) – The US employee compensation scheme “is emerging more than ever from the coronavirus pandemic,” said Bill Donnell, president and CEO of the National Council on Compensation Insurance (NCCI). Donnell and NCCI experts conducted an in-depth assessment of employee compensation trends and analysis during the NCCI Annual Issues Symposium from May 11-12, 2021.

Contents of the two-day symposium as well as bonus features are now available in the AIS highlights report on ncci.com. Worker Compensation Stakeholders view AIS as 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 of the NCCI Annual Issues Symposium include:

State-of-the-Line Report – NCCI actuary Donna Glenn and other NCCI experts revealed detailed metrics on employee compensation insurance line performance in 2020. Net written premium declined 10% in 2020 and airlines recorded COVID-19 -Claims of $ 260 million. 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 Manager and Acting Actuary at NCCI said that COVID-19 had a limited impact on treatment times in Employee Compensation.

· Claims escalating – 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 his full support for the “big business” of workers’ compensation, balancing the needs of workers, industry, employers and injured workers. Watch the in-depth conversation with NCCI Commissioner and Chief Regulatory Officer Susan L. Donegan about the AIS Highlights Report.

Labor Compensation Economics – Industry economist Bob Hartwig, PhD from the University of South Carolina, warned that the pandemic will leave scars on workers, the insurance market, and the U.S. economy and that it may take years for them 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 compensation system, you made a difference over the past year. Together we will emerge stronger from the pandemic, “she said.

In addition to the videos of the presentations and summaries, the AIS Highlights Report includes the NCCI State of the Line Guide with detailed background information on employee compensation insurance performance metrics. The materials are free and available to everyone at www.ncci.com.

Remarks

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