© Copyright 2015 NCCI Holdings, Inc. All Rights Reserved.

Transcription

p
1
2015 Annual Issues Symposium
My Agenda

Top Line Numbers

Flash Forward
 Economy
 Evolving Workplace
 Basic Principles Under Attack

Defining the Market Condition
Workers Compensation
Total Market Net Written Premium
$ Billions
50
47.8
46.5
44.3
39.5
39.3
40
34.6
33.8
2009
2010
41.8
44.2
36.4
30
20
10
0
2005
2006
2007
2008
2011
2012
2013
Calendar Year
p Preliminary
Includes state insurance fund data for the following states: AZ, CA, CO, HI, ID, KY, LA, MD, MO, MT, NM, OK, OR, RI, TX, and UT
Each calendar year total for state funds includes all funds operating as a state fund in that year
Source: Annual Statement data
2014p
Workers Compensation Underwriting
Results Improved Again
Percent
Combined Ratio
120
115
115
110
110
105
115
103
101
100
109
102
101
98
95
93
90
2005
2006
2007
2008
p Preliminary
Includes private carrier data
Source: Annual Statement data
2009
2010
Calendar Year
2011
2012
2013
2014p
Top Line Industry Numbers

Premium

Combined Ratio
98%

Claims Frequency
Decreased
>5%
Flash Forward—Issues on the Horizon
 Economy
 Evolving Workplace
 Basic Principles Under Attack
The Economic Outlook

Many Positive Signs
 Employment increasing
 Stock market recovered
 Low inflation

Strong Dollar May be a Concern
What to Watch For

Continued Volatility

Focus on the Fed
 Real inflationary pressure?
 Rate increases beginning when?
What to Watch For

Continued Volatility

Focus on the Fed
 Real inflationary pressure?
 Rate increases beginning when?
It’s an Evolving Workforce (and Workplace)



Who’s an Employee?
Mobile Workspaces
What’s Next?



Mobile Workspaces
What’s Next?



Mobile Workspaces
What’s Next?
Fundamental Principle of Workers Comp
“The basic principle underlying
workers’ compensation programs
was that benefits would be
provided to injured workers
without regard to fault and, in
return, employers would face
limited liability.”
Ann Clayton, Social Security Bulletin, Vol. 65, No. 4, 2003/2004
Basic Principles Under Fire



Press Reports
OSHA Report
Court Cases
 Florida—Padgett v. State of Florida
 Florida—Westphal v. The City of St. Petersburg
 Oklahoma—Duck v. Morgan Tire & Auto, LLC
Current Responses

Plenty of industry pundits have defended the
workers comp system over the past few months

The court cases may not stand

Comp has worked well for more than 100 years

What’s the problem?
Perception Can Turn to Action Quickly



Legislative Responses
Call for National Action
Will We Learn from Past Lessons?






Defining the Market Condition

Top Line Numbers Look Solid

Economic Recovery Continuing (Albeit Slowly)

Workplaces are Changing Rapidly

Benefit Challenges on the Rise
Calm…
But turbulence ahead
Start with Calm… and then delay but turbulence ahead
© Copyright
2015Holdings,
NCCI Holdings,
Inc. Reserved.
All Rights Reserved.
© Copyright
2015 NCCI
Inc. All Rights
21
Turbulence Ahead

System Under Attack From All Sides

Continuing Challenges to Exclusive Remedy

Benefit Increases Without Rate Increases?

New National Commission on Workers Comp?

Rapidly Evolving Workforce/Workplace
23
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© Copyright 2015 NCCI Holdings, Inc. All Rights Reserved.

Transcription

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