Workers' comp insurers' top concerns for 2022 revealed

Workers' comp insurers' top concerns for 2022 revealed | Insurance Business America

Workers' comp insurers' top concerns for 2022 revealed

A new survey from the National Council on Compensation Insurance (NCCI) has highlighted the top concerns among workers’ compensation insurers for 2022.

The survey, conducted annually for more than 20 years, polled more than 100 workers’ compensation insurance executives about their top concerns. Among the most cited concerns were:

  • Rate adequacy: Carriers are focused on ongoing loss-cost decreases, driven mainly by declining frequency across all areas and categories, and their ultimate impact on premium levels
  • COVID-19 impacts: While the COVID-19 pandemic appears to be receding in some areas, the potential for new variants and longer-term impacts are still a concern
  • Shifting workforce/workplace: With so many variables at play in the current environment, the outlook for the workforce and workplace of tomorrow is foggier than at any recent time
  • Rising medical costs: Even with new services like telemedicine gaining popularity, the industry is concerned about medical inflation

Read next: The state of the workers’ comp marketplace heading into 2022

“While the survey results are not surprising, they offer a deeper look into the critical issues facing our industry,” said Bill Donnell, president and CEO of NCCI. “The workers’ compensation landscape continues to evolve, and NCCI is committed to providing timely and relevant insight to system stakeholders.”