Mega comp claims spiked during recession: NCCI report
Reprints
The frequency of expensive workers compensation claims above $1 million was “significantly impacted” by the recession between 2007 and 2009, according to a report released Thursday by the National Council on Compensation Insurance.
The Boca Raton, Florida-based agency examined the frequency of claims with incurred losses above $1 million in all 36 NCCI states combined over the most recent 15 years along with claim characteristics, such as types of injuries.
In addition to showing a spike in claim frequency at the onset of the last recession, the report also showed that claims involving multiple body part injuries represent close to 40%, the highest share, of claims above the $1 million mark. As for causation, motor vehicle accidents and slips and falls are the cause of about half of all claims above $1 million, the report highlights.
Overall, claims above $1 million account for 10% of losses, but less than 0.2% of all lost-time claim counts, the report stated.
Read Next
-
NCCI launches comp court cases resource
The National Council on Compensation Insurance on Thursday launched an online navigational tool for workers compensation stakeholders to better understand court cases that may have an effect on the treatment of injured workers and comp costs.
Related Stories
Most Read in Workers Comp
-
1. Zurich ordered to pay $80 million in suit over employee incentives
-
3. Marsh McLennan sees rate hikes slowing; reports revenue growth
-
4. Travelers sees rate hikes continue; Q1 profit up over 15%
-
5. DeSantis signs legislation prohibiting local workplace heat protections
-
6. AI not a ‘substitute,’ but can benefit insurance industry: Experts
