Insight, analysis & opinion from Joe Paduda
The short answer is – they have little incentive to do so. Here’s why. Workers’ comp insurance is mandatory in all states save Texas. Pretty much all employers have to carry workers’ comp coverage, so sellers of insurance and self-insurance … Continue reading Why don’t workers’ comp execs embrace change?
Read More...The good. David Colon and Raji Chadarevian of NCCI have produced an excellent summary of COVID’s impact on workers’ comp medical treatment. Colleagues Brittni Moore and Vicky Mayen have authored a companion piece that provides an early projection of 2020 … Continue reading COVID update – good news and bad.
Read More...Last week Ohio’s Bureau of Workers’ Compensation announced it will consider $1.5 billion in dividends to policyholders. This comes on the heels of a similar payout in April; $1.35 billion went to private employers and $184 million went to local … Continue reading BWC’s dividends and drug costs
Read More...Apologies for not getting this out sooner; wanted to wait until I heard back from NCCI on a couple items. Quick hits Insurers are enjoying record profits. Frequency is down again – continuing a 30+ year downward trend. Medical costs … Continue reading NCCI – quick hits, a deeper dive, and a critique
Read More...I’m in the midst of a survey of workers’ comp payers re the impact of COVID19; will update you as we get more information from more participants. As always, responses are completely confidential and respondents receive a detailed survey report; … Continue reading COVID19 and Workers’ Comp – top 10 takeaways
Read More...Barring some catastrophic exogenic event (war with Iran, pandemic, sudden recession) – workers’ comp premiums will continue to shrink. Meanwhile, despite compelling evidence work comp execs are worried about the opposite problem – that they won’t be able to raise … Continue reading Now’s the time to fix that roof.
Read More...My last post covered the first five of my annual prognostications; today we look a bit deeper into the crystal ball… 6. California’s crooked docs will be outed. With SB 537 signed into law, it looks like we’ll know which … Continue reading Predictions for workers’ comp in 2020, Part 2
Read More...Well, proving once again that I can’t/won’t learn from past mistakes, here are five of my predictions for 2020. The work comp insurance market will stay soft. As in mushy, pillowy, baby rabbit fur soft. Multiple factors make a strong … Continue reading Predictions for workers’ comp in 2020
Read More...Where you sit determines what you see; this adage applies to the work comp industry. For payers, employers, and taxpayers, all is great. Rates are low and dropping, insurers are enjoying record profits, frequency continues to trend down, medical costs … Continue reading Workers comp is A) doing great, or B) a big problem
Read More...Today, I’m going to convince you that despite years of continued decreases, work comp premiums are still too high. And will likely remain too high for the next few years. That’s how long it will take the impact of reduced … Continue reading Work comp rates are still too high – and will continue to drop
Read More...