NCCI pegs 2020 COVID-19 comp losses at $260MPosted On: Jun. 24, 2021 9:15 AM CST
Workers compensation losses in 2020 from 45,000 COVID-19-related claims totaled $260 million, according to data released Wednesday by the National Council on Compensation Insurance.
The figures exclude self-insureds and only account for the 36 states where NCCI provides ratemaking services.
NCCI said in its report that COVID-19 claims have the potential to ultimately result in workers comp losses exceeding $500 million over the duration of the pandemic.
To date, nursing/convalescent home employees, other health care workers, and first responders have collectively accounted for more than 75% of all COVID-19 claims reported to NCCI. Workers in the restaurant, building operations, distribution, and retail industries have collectively accounted for 14% of reported COVID-19 claims, according to the data.
For a separate report on COVID-19 medical severity released Wednesday, NCCI analyzed 5,198 reported COVID-19-related medical transactions from Jan. 1, 2020, through March 29, 2021, and found that 3,629 were classified as “mild,” requiring some medical treatment but no hospitalization; 621 were “moderate,” requiring a hospital stay without the intensive care unit or ventilation; and 171 were “severe,” requiring a hospital stay involving the ICU and/or ventilation.
More insurance and workers compensation news on the coronavirus crisis here.