Workers compensation costs rise as claims frequency declines
Posted on Tuesday, October 19th, 2010 at 1:16 am
NCCI Holdings Inc. released a report last Friday that shows indemnity and medical severity for workers compensation claims continued to rise in 2009 while frequency of such claims continued to drop.
The Boca Raton, Fla.-based unit of the National Council on Compensation Insurance Inc. said on Friday that the frequency of workers comp claims dropped 4% in 2009 following a 3.4% decrease in 2008.
The increased use of robotics, an aging workforce, and improved safety practices have contributed to this frequency decrease.
Complex claims, such as lower-back issues, have declined at a rate greater than the average decline for the last five years.
“It remains to be seen whether changes in average wage and indemnity cost per claim will begin to converge in 2010,” NCCI said in the research brief.
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