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The workers compensation market will likely experience its eighth year of profitability, yet there remain issues that could affect the future of comp, according to a report released Tuesday by Chicago-based Risk Placement Services Inc.
Among the highlights, insurers will continue to see rate decreases through the remainder of 2022, anticipating a slowing of the already 40% to 60% overall rate decreases seen in most jurisdictions over the past decade, and competition will be an issue as insurers and managing general agents continue to expand into more states.
The report named work-from-home arrangements, high hazard industries’ mega claims and worker shortages as areas that could affect the industry.
Telecommuting or hybrid work-from-home arrangements have made work a 24-hour exposure for employers and could have implications for the coming-and-going rule in comp and what constitutes a workplace injury, according to the report.
Mega claims are also a concern, as those working in high-risk industries such as construction, logging, and mining and are injured disproportionately have the highest dollar claims, often in excess of $3 million and mostly due to medical costs, according to the report.
And companies eager to get the workforce back on the job have been “rushing” their training programs — “an accident waiting to happen,” according to the report.