Risk Management
October 16, 2023
NCCI Deconstructs Trends Around High-Cost Workers’ Comp Claims
There’s widespread interest in large claim trends for compelling reasons — they can be devastating for the injured worker and can have significant implications for carrier operations. Workplace injuries that result in large claims — e.g., exceeding $1 million in claim costs — form a small share of all lost-time claims, less than 0.5%. But they...
October 11, 2023
Insurance Innovation Necessary Amid New Digital Risks
In its latest sigma study, Swiss Re Institute finds that potential digitalization benefits across countries and throughout the insurance value chain are far from exhausted. According to the reinsurer’s “The economics of digitalization in insurance” sigma report, digitalization is a source of new growth, new risks, and new efficiencies for the insurance industry. Digital value creation has...
October 9, 2023
Electrical Preventative Maintenance (EPM) Programs Explained
It’s important for businesses to maintain their electrical systems to avoid unexpected downtime, costly repairs and potential safety hazards. That’s where Electrical Preventative Maintenance (EPM) programs come in. By proactively identifying and preventing electrical problems, businesses can minimize risks, increase efficiency and save money in the long run. This article will discuss the benefits of...
October 5, 2023
Upcoming NCCI Experience Modification Changes for 2024
The National Council on Compensation Insurance (NCCI) is making alterations to its experience modification factor for 2024. These changes are slated to go into effect on each state’s regular filing date on or after Nov. 1, 2023. This Work Comp Insights will provide an overview of the NCCI’s changes. Overview of Changes The NCCI governs...
October 4, 2023
Assessing Winter Weather Risks
Understanding their specific winter weather risks plays a vital role in helping businesses make informed decisions and take appropriate actions to protect their employees and property. Doing so also allows businesses to proactively limit potential damage and enhance their overall storm preparedness. Here are steps that businesses can take to assess their winter weather exposures:...
October 3, 2023
How Employers Can Champion Employees’ Wellbeing During Natural Disasters
As the U.S. confronts escalating natural disasters like wildfires, hurricanes and floods, the scope of employer responsibility extends beyond the confines of office walls. Regardless of where you live, people everywhere are vulnerable to experiencing the stress and anguish brought about by these disasters. As a result, employers must act as pillars of support for...
August 16, 2023
The Tech that Could Shape the Future of Workplace Safety
While artificial intelligence, wearable tech and exoskeletons are not yet commonplace at every worksite, it is a very real possibility that these technologies, and a host of other emerging ones, will play critical roles in the future of work safety and workers’ compensation. To find out what technologies are making a difference, or showing the potential to...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
August 3, 2023
Back to Basics: Remote Work Ergonomics
Following the COVID-19 pandemic, remote work became increasingly more common and has been incorporated into many organizations. Employees can now either work entirely from home, or in a hybrid setting where they only visit the office sometimes. Safety professionals must be aware of the hazards that can occur in home offices and workspaces, specifically regarding...
August 2, 2023
Workers’ Compensation State of Risk
Workers’ compensation provides essential coverage, and in many instances, laws require employers to carry it. Additionally, workers’ compensation has been the most profitable property and casualty (P&C) line of business in recent years. The National Council on Compensation Insurance (NCCI) reports six straight years of combined ratios under 90 and nine consecutive years of underwriting...