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Workers' Comp Market: Turbulence Ahead?

Increasing medical costs, changing regulations and cyber attacks could threaten workers' comp coverage.

By Nancy Grover, PropertyCasualty360 | Updated on October 07, 2015

The workers’ compensation market could currently best be characterized as stable, but changes in the nation’s workforce—coupled with rapid-fire technological advancements—threaten to upset the balance of the industry.

The industry’s financial outlook is positive; however, the National Council for Compensation Insurance (NCCI) warns agents and brokers that the market exhibits “calm now, but turbulence ahead” in its annual “State of the Line” workers’ compensation market analysis. During the Florida rate-making and research organization’s recent annual conference, NCCI noted the 2014 calendar year combined ratio for the private workers’ compensation market was below 100 for the first time since 2006, total net written premium for the year was up 6% to $44.2 billion, and lost time claim frequency dropped by an average 2% among NCCI states.

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