JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

Workers Comp Economics In One Chart – Great Stats

Facebook
Twitter
LinkedIn

Workers Comp Economics – NCCI Labor Market Insights – Worth A Look

A new NCCI Workers Comp Economics section that you may want to check out can be found here.  Anyone who works in the world of Workers Comp – including employers – will find this useful.   I have included an example of the April analysis chart at the end of this article with a few comments.

___________________

From NCCI Senoir Economist Stephen Cooper (who will be presenting this material at the NCCI AIS next month.)

“The changing workforce and evolving economy continue to be top of mind for workers compensation executives,” said Cooper, who also authors a monthly overview of key labor market statistics. “There’s a lot of economic commentary out there, but none that ties directly to workers compensation until now. We will deliver economic insights through a workers compensation lens and possible impacts to premium, frequency, and severity.”

___________________

A PDF version of the chart below can be found here. 

As the US Labor Market grows, the effect on accident frequency would be an increase over time.  The frequency rate of workers comp accidents has been decreasing for over 20 years.  How this will affect overall workers comp economics into 2025 and beyond will likely have a post-election effect.

One area that I think will be crucial, even if indirectly, is the amount of remote workers.

Workers Comp Economics Labor Market Survey Graph
(c) NCCI – Boca Raton, FL

No Anomalies Found  – Good Development

I always try to find some outlier statistic to point out in tables, charts, or graphs.  I saw nothing out of the usual other than a post-pandemic recovery with a few bumps here or there.   Sometimes even finding nothing unusual can be a great discovery.  I will be returning to this section of the NCCI website to see how the Workers Comp economics has changed after the 2nd quarter of 2024.

 

Facebook
Twitter
LinkedIn

Related...

James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.