National Council on Compensation Insurance

Inflation, High Interest Rates, and Catastrophes Contribute to 2023 Underwriting Loss for P&C Industry, New Triple-I/Milliman Report Shows

Retrieved on: 
Thursday, November 2, 2023
Professional Services, Insurance, Finance, National Council, P&C, MAAA, CBE, WC, John Carbone Porfilio, Insurance Information Institute, Gross domestic product, National Council on Compensation Insurance, GDP, Growth, Milliman, FCAS, Risk, Employment, Five Year Forward View, Overalls, Forecasting, NCCI, Health care

The quarterly report, Insurance Economics and Underwriting Objections: A Forward View, was presented on Nov. 2, at an exclusive members only virtual webinar.

Key Points: 
  • The quarterly report, Insurance Economics and Underwriting Objections: A Forward View, was presented on Nov. 2, at an exclusive members only virtual webinar.
  • “P/C growth has improved in 2023, growing 1.3% versus 2.1% for overall gross domestic product (GDP).
  • Léonard noted that top risk scenarios for 2024 include geopolitics, weaking employment and gross domestic product (GDP) contraction.
  • Turning to workers’ compensation, Kurtz noted that the 2023 net combined ratio forecast of 90.6 continues the string of underwriting profits.

Insurity Launches Circ, a Best-in-Class Solution for Seamlessly Managing Regulatory Changes, and Expands Its #1 Market Position as the Software Provider Managing Regulatory Changes for Over 125 P&C Insurers

Retrieved on: 
Tuesday, August 29, 2023
Other Professional Services, Software, Insurance, Human Resources, Data Management, Professional Services, Technology, Other Technology, Organization, Policy, MGA, Philosophy, Actuary, P&C, Legislation, Risk management, Circ, National Council on Compensation Insurance

Insurity’s regulatory solution is already trusted by over 125 commercial lines insurers that represents over $30 billion in gross written premium, expanding Insurity’s #1 market position as the software provider of regulatory services management for P&C insurers.

Key Points: 
  • Insurity’s regulatory solution is already trusted by over 125 commercial lines insurers that represents over $30 billion in gross written premium, expanding Insurity’s #1 market position as the software provider of regulatory services management for P&C insurers.
  • Many P&C organizations regularly review industry developments impacting commercial lines insurance products to inform their understanding of the market.
  • With Circ , Insurity's best-in-class offering for implementing regulatory changes, P&C insurance organizations can stay current on the latest regulatory changes.
  • Insurity works with each carrier to understand their unique approach to implementing regulatory changes and streamlines all aspects of incorporating regulatory changes into their policy administration software."

Inflation, High CAT Losses to Lead to 2023 Underwriting Loss for P&C Industry, But Recession Likely Avoided This Year, New Triple-I/Milliman Report Shows

Retrieved on: 
Thursday, August 3, 2023
Professional Services, Insurance, Human Resources, Finance, NCCI, Employment, CPI, Insurance Information Institute, Milliman, FCAS, NWP, P&C, Doctor of Philosophy, National Council on Compensation Insurance, Five Year Forward View, GDP, MAAA, National Council, CBE, Growth, John Carbone Porfilio, Actuary, News, Tourism

The quarterly report, Insurance Economics and Underwriting Projections: A Forward View, was presented on August 3 at an exclusive members only virtual webinar.

Key Points: 
  • The quarterly report, Insurance Economics and Underwriting Projections: A Forward View, was presented on August 3 at an exclusive members only virtual webinar.
  • CPI will likely stay in the mid-to-upper 3% range through the end of the year,” Léonard said.
  • “For commercial auto, 2022 saw a return to underwriting losses, as the industry logged a 105.4 net combined ratio, the highest since 2019.
  • She also revealed that the “long tail” line for workers compensation claims has gotten progressively shorter over recent years.

Inflation, Catastrophes Contribute to 2022 Underwriting Loss for P&C Industry, New Triple-I/Milliman Report Shows

Retrieved on: 
Monday, May 15, 2023
Insurance, Professional Services, Workforce, Five Year Forward View, Fed, Housing, Insurance Information Institute, Milliman, FCAS, Weakness, P&C, Federal, Doctor of Philosophy, National Council on Compensation Insurance, GDP, MAAA, Hurricane Katrina, National Council, CBE, Growth, John Carbone Porfilio, YTD, DCC, Life insurance

The 2022 net combined ratio for the property/casualty insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.

Key Points: 
  • The 2022 net combined ratio for the property/casualty insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.
  • The quarterly report, Insurance Economics and Underwriting Objections: A Forward View, was presented on May 15 at an exclusive Triple-I members only virtual webinar.
  • Turning to cyber, Dave Moore, FCAS, MAAA, President of Moore Actuarial Consulting , said cyber insurance direct written premium grew 50% in 2022.
  • "This marks the sixth consecutive year with a workers’ compensation net combined ratio under 90 and the ninth consecutive year of underwriting gains,” Glenn said.

iLawyerUp Addresses Florida's New Workers' Compensation Rule and Its Impact on Claims

Retrieved on: 
Saturday, April 29, 2023
Insurance, NCCI, Entrepreneurship, Florida Division of Insurance Fraud, Workforce, National Council, National Council on Compensation Insurance, Workers' compensation, Consultant

AVENTURA, Fla., April 29, 2023 /PRNewswire-PRWeb/ -- iLawyerUp, a leading South Florida law firm specializing in personal injury and workers' compensation cases, is addressing the recent rule change by the National Council on Compensation Insurance (NCCI) affecting Florida workers' compensation insurers. The new rule, effective March 1, 2023, requires insurers to verify employees before charging premiums for subcontractors' exempt officers.

Key Points: 
  • iLawyerUp addresses Florida's new workers' compensation rule to increase transparency and help more employees receive benefits.
  • AVENTURA, Fla., April 29, 2023 /PRNewswire-PRWeb/ -- iLawyerUp , a leading South Florida law firm specializing in personal injury and workers' compensation cases , is addressing the recent rule change by the National Council on Compensation Insurance (NCCI) affecting Florida workers' compensation insurers.
  • Impact on Workers' Compensation Claims:
    The rule change aims to reduce payroll fraud and ensure that all workers on a construction site have valid workers' compensation coverage.
  • In light of the new workers' compensation rule, it is essential for individuals who suffer workplace injuries to seek legal assistance to understand how these changes may impact their workers' compensation claims.

NCCI Releases Results of Workers Compensation Industry Leadership Survey: Familiar Concerns, New Twists for Executives

Retrieved on: 
Tuesday, December 13, 2022
National Council on Compensation Insurance, Growth, NCCI, Workplace, Workforce, National Council, BOCA, Economyths, Management, Online shopping, Health insurance

NCCI conducted the quantitative survey of 100 workers compensation executives recently, looking ahead to key issues for the system in 2023, NCCI's centennial year.

Key Points: 
  • NCCI conducted the quantitative survey of 100 workers compensation executives recently, looking ahead to key issues for the system in 2023, NCCI's centennial year.
  • NCCI conducted a quantitative survey of 100 workers compensation executives.
  • "The workers compensation system is healthy and resilient, but industry leaders must always anticipate future challenges," said Bill Donnell, president and CEO of NCCI.
  • The survey shows four issues top the list of concerns:
    Rate AdequacyThe workers compensation system has experienced years of declining loss costs and rates.

Insurity Launches New Payroll Validator Feature for Sure Premium Audit, Enabling Workers’ Comp Carriers to Streamline the Audit Process

Retrieved on: 
Monday, November 28, 2022
Networks, Professional Services, Technology, Insurance, Software, MGA, Insurance, Policy, TA Associates, P&C, Fraud, Payroll, GI Partners, Health insurance, National Council on Compensation Insurance

The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers comp carriers and policyholders.

Key Points: 
  • The Payroll Validator will automate payroll data collection from over 100 payroll service providers and streamline the audit process for both workers comp carriers and policyholders.
  • The Payroll Validator feature is available for immediate purchase for existing Sure Premium Audit users.
  • Now, with the new Payroll Validator feature, workers compensation carriers can further automate their audit process by transferring raw payroll data from over 100 payroll service providers, decreasing wait times as payroll data is imported directly to the field audit tool.
  • Sure Premium Audits Payroll Validator automates a historically time-consuming process for workers comp providers by capturing that payroll data directly from the payroll service provider.

NCCI Releases Multibureau Evaluation of COVID-19--Phase II: Expanded Data on Claim Characteristics and Trends

Retrieved on: 
Tuesday, November 15, 2022
COVID, Workforce, Financial compensation, WC, Multimedia, NCCI, BOCA, COVID-19, National Council on Compensation Insurance, Indemnity, National Council, Animal, Ridesharing company, Pharmaceutical industry, Paradigm

This updated study includes two years of claims dataAccident Years (AY) 2020 and 2021 through year-end 2021.

Key Points: 
  • This updated study includes two years of claims dataAccident Years (AY) 2020 and 2021 through year-end 2021.
  • One result of this effort is the creation of a COVID-19 claims database, which includes a comprehensive view of COVID-19 claim characteristics and trends.The analysis does not include experience from self-insured employers or denial and expense-only claims.
  • This analysis relied on data from 45 jurisdictions, representing $1.1 billion in COVID-19-related losses from about 117,000 claims.
  • Claim and loss activity varied across jurisdictions, impacting individual states and sectors differently and at varying times.

NCCI Releases Comprehensive Resource for Workers Compensation Legislative and Regulatory Activity

Retrieved on: 
Friday, August 26, 2022
View, COVID-19, Multimedia, National Council, CEO, NCCI, BOCA, Legislation, National Council on Compensation Insurance, Health insurance, Risk management, Online gambling

BOCA RATON, Fla., Aug. 26, 2022 /PRNewswire/ -- Legislators around the country continued to debate COVID-19 workers compensation-related topics during the first half of the year, according to the 2022 Regulatory and Legislative Trends Report from the National Council on Compensation Insurance (NCCI). Several states addressed whether to extend or sunset COVID-19 workers compensation presumptions or enact new presumptions, while some states considered proposals focused on COVID-19 vaccinations and workers comp.

Key Points: 
  • Several states addressed whether to extend or sunset COVID-19 workers compensation presumptions or enact new presumptions, while some states considered proposals focused on COVID-19 vaccinations and workers comp.
  • While COVID-19 legislation remains top of mind, legislative activity on other workers compensation topics included workplace-related mental injuries, marijuana legalization and reimbursement, single-payer health insurance, and classifying gig and other workers as employees or independent contractors.
  • "For nearly 100 years NCCI has been the trusted source for workers compensation information," said Bill Donnell, President and CEO of NCCI.
  • "We produce comprehensive reports like these to help stakeholders navigate through complex issues that shape the regulatory and legislative landscape."

Veteran Workers’ Compensation Regulator Andrew Sabolic Takes Lead at Workers’ Compensation Institute

Retrieved on: 
Wednesday, June 1, 2022
Professional Services, Education, Other Professional Services, Legal, Insurance, Human Resources, Training, Orlando, Florida, Executive, Program, Conference, National Council on Compensation Insurance, Orlando World Center Marriott, Policy, University of Florida Division of Continuing Education, Michigan State University, Assistant, Division, Annual, Financial services, Industry, Florida Department of Financial Services, Learning, National Council, WCI, Florida Department, Management, Public relations, Sabolić

The Workers Compensation Institute (WCI), the national non-profit leader in workers compensation education, announced today that Andrew Sabolic has been appointed as Executive Director.

Key Points: 
  • The Workers Compensation Institute (WCI), the national non-profit leader in workers compensation education, announced today that Andrew Sabolic has been appointed as Executive Director.
  • Sabolic joins the leadership team of WCI, which also includes McConnaughhay and Steven A. Rissman, program chair of the Annual Workers Compensation Educational Conference.
  • The 76th annual Workers Compensation Educational Conference, the largest gathering of workers compensation professionals in the nation, will be held at the Orlando World Center Marriott from August 21-24, 2022.
  • Sabolic has been recognized for his contributions to the workers compensation industry, having earned the 2019 IAIABC Frances Perkins Award Winner for dedication to innovation and progressive leadership in workers compensation.