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The summer surge in COVID-19 cases in Florida began in July, as 4,221 COVID-19 workers compensation indemnity claims were filed — more than six times the number filed in June — and August tallies show a slight drop, according to data released by Wednesday by the Florida Division of Workers’ Compensation.
The monthly report, which tracks overall indemnity — or income replacement — claims, including data on costs and industry breakdowns, showed that the 4,221 claims reported in July and the 3,287 reported in August remain a steep drop from the peak of 8,406 claims in July 2020. Since March 2020, the lowest number of claims were reported in June 2021: 664.
While the summer surge is clearly seen in case counts, average costs per claims dipped to its lowest last month since the start of the pandemic, with claim costs averaging $1,049 for August. The highest month was September 2020, when the average cost per claim stood at $4,295. Overall, the latest data shows that the average cost per claim since January 2020 is $3,010.
In July, five workers succumbed to COVID-19; in August, one worker died.
In calculating total spending, insurers in the state have paid $1.5 million in total benefits — indemnity plus medical — for COVID-19 claims, according to the report, which shows that most claims — 82% of total paid compensable claims — come from those working in health care, education, and public administration, which includes first responders.
U.S.-based Fitch Ratings Inc. said that outlook for global reinsurers for 2022 is improving with solid financial performances expected due to price hikes in a hardening market, lower COVID-19-related losses and a stronger recovery in economic activity, Asia Insurance Review reported. Fitch expects the aforementioned positive factors to offset the negative impacts of surging natural catastrophe claims, growing inflation, and poor investment returns.