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The impact of COVID-19 on the workers compensation industry is the top concern going into 2021 among comp insurance executives, according to a survey by the National Council on Compensation Insurance.
Boca Raton, Florida-based NCCI reported Wednesday that nearly two-thirds of the more than 100 insurance leaders surveyed cited pandemic-related issues as their top concern, indicating they are most worried about the uncertainty related to the duration of the pandemic, the number and size of COVID-19 comp claims and how long it will take workers and the economy to recover.
The other four top concerns, ranked in order of importance, are:
More insurance and workers compensation news on the coronavirus crisis here.
The number of employees who may be covered by the various state laws and executive orders providing some level of compensability for workers who acquire COVID-19 on the job varies substantially based on workforce and the nature of the order, researchers from the Workers Compensation Research Institute found in a study released Tuesday.