Amerisure Insurance Logo
  • Contact Us
  • Policyholder Resources
  • Report Payroll
  • Make a Payment
  • Report a Claim
  • SureConnect
find an agency
  • Find An Agent
  • Menu
    • Why Choose Amerisure
      • Our Expertise
        • Construction
        • Healthcare
        • Manufacturing
        • Special Risk
      • Superior Service
      • Protecting Businesses
      • Partners For Success
        • Communication Is Key
        • Find an Agency
    • About Us
      • Community
      • History
      • Leadership
      • Board of Directors
      • Newsroom
        • Press Releases
    • Products & Services
      • Our Products
        • Amerisure Command Coverage
        • Contractors Advantage Program
        • Manufacturers Advantage Program
        • Pollution Coverage
      • Program Business
      • Risk Management
        • Consultative Services
        • Fleet Safety Tips
        • Observational Safety Program
        • Organizational Safety Culture Survey
        • Hogan Behavioral Safety Assessment
        • Partnership Reports
        • Online Training
        • Safety Training
      • Claims
        • Claim Cost Reduction
        • Report a Claim
      • Annual Premium Audit Service
      • Fraud Prevention
    • Insights Blog
    • Careers
      • Life at Amerisure
        • Culture
        • Professional Development
        • Diversity and Inclusion
        • Total Rewards Program
      • Our People
        • Employee Recognition
      • Current Openings
      • Students & Graduates
        • Opportunities
        • Internships and Development Programs
      • Early Career
      • Experienced Professionals

Amerisure Insights Blog

—View Categories
CONSTRUCTION
GENERAL LIABILITY
HEALTHCARE
INSURANCE CLAIMS
MANUFACTURING
MARKET TRENDS
PROPERTY & CASUALTY
RISK MANAGEMENT
UNDERSTANDING INSURANCE
WORKERS COMPENSATION
MAY 12, 2014 Brought to you by Amerisure Outlook Positive for Workers' Compensation Insurance Industry market trends, workers compensation
Outlook Positive for Workers' Compensation Insurance Industry

There is good news for employers and members of the worker's compensation insurance industry - a recent report indicates that the current climate is more balanced, contributing to more affordable costs, fewer claims and improved operating efficiency.

These positive trends could signal more favorable conditions for employers interested in workers' compensation insurance in the near future. There are many steps one can take to help protect employee safety and reduce costs, and an improved economy and industry will help achieve those goals.

Report shows better results
The National Council on Compensation Insurance, a statistical and rating organization for the workers' compensation industry, recently released a report highlighting the positive trends emerging in this sector. Overall, indications are of a return to a more balanced, normal state.

The NCCI reported that the workers' compensation combined ratio was 101 in 2013, down seven points from 2012 and 14 points below levels experienced in 2011. In addition, this past year witnessed improved underwriting results, a decline in claim frequency and stable increases in claim severity.

"We are finally starting to see an industry in balance with these results," said NCCI president and CEO Steve Klingel. "Today, industry costs are largely contained, claims frequency continues to decline, and the system in most states is operating efficiently. In short, the market is operating as it should on behalf of most stakeholders."

However, NCCI chief actuary Kathy Antonello stated that challenges remain, such as slow employment growth and the potential expiration of the Terrorism Risk Insurance Act. 

OSHA announces committee on worker safety
There is more good news out there for the workers' compensation industry. Recently, the U.S. Occupational Safety and Health Administration announced a meeting regarding temporary worker safety, demonstrating a focus on the health and well-being of these employees. 

The meeting is scheduled to discuss the issues surrounding temporary workers. At the moment, there have been reported gaps in protection, differences between temporary employees and permanent ones, and a lack of responsibility and communication between the host employer and the staffing agency. 

This meeting is a part of the National Advisory Committee on Occupational Safety and Health. This group was established in 1970 to review safety and health programs across the U.S., and ensure that strong efforts were being taken to help employees remain healthy while on the job.

Overall, these new developments are positives for the workers' compensation insurance industry. Better yet, it appears that these trends will continue into the near future, signaling more good times ahead.

◀ Previous Next ▶

You may also like:

Recruiting and Retaining Talent for Skilled Trades
Recruiting and Retaining Talent for Skilled Trades One of the biggest challenges to recruiting the best talent for skilled labor opportunities is helping candidates see their earning potential and opportunity for advancement. But how do you... Read More
Anatomy of a Simple Workers' Compensation Claim
Anatomy of a Simple Workers' Compensation Claim As an employer, what do you need to know to make the claim process work for your company and... Read More
  • Newsroom
  • Privacy Policy
  • Compensation Policy
  • Terms and Conditions
  • Site Map
  • CA Privacy
  • LI
  • T
  • T