Call or email us anytime
(805) 484-0333
Search Guide
Today is Friday, September 22, 2023 -

News Articles

Report: Comp Outlook Good for 2022 Despite Areas of Concern

  • National
  • Topic: NATIONAL
  • - Popular with: Insurance

The workers' compensation market will likely experience its eighth year of profitability, yet remaining issues 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.

Business Insurance is a sister publication of WorkCompCentral. More stories are here.

No Comments

Log in to post a comment


Do not post libelous remarks. You are solely responsible for the postings you input. By posting here you agree to hold harmless and indemnify WorkCompCentral for any damages and actions your post may cause.


Upcoming Events

  • Sep 20-22, 2023

    National Comp 2023

    National Comp 2023 returns to Mandalay Bay in Las Vegas with A New Conference Experience. We’ …

  • Sep 27, 2023

    Evaluating an Ever-Changing Ph

    Payers face numerous challenges in managing pharmacy care in workers’ compensation. Opioids, emerg …

  • Sep 27-29, 2023

    2023 Governor's Conference

    Conference Topics: The Future of Occupational Health Work Comp Court Case Review Unsung Hereos of …

Workers' Compensation Events

Social Media Links

c/o Business Insurance Holdings, Inc.
PO Box 1010
Greenwich, CT 06836
(805) 484-0333