NCCI Holds Annual Issues Symposium 2017

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- The National Council on Compensation Insurance (NCCI) is holding its Annual Issues Symposium (AIS)-The System@Work May 17-19, in Orlando, FL.

This year's event opened with NCCI President and CEO Bill Donnell, CPCU, emphasizing the importance of staying relevant during times of constant change. The 900-plus attendees heard him speak of the evolving workplace, new technologies, and industry disruptors. He emphasized strategies for the workers compensation industry to remain relevant by ensuring a healthy and balanced system for workers and employers alike.

As is tradition with NCCI CEOs at AIS, Donnell revealed this year's word-Adapting-to describe the path forward for the workers compensation industry to successfully advance in today's change-driven environment.

"The workers compensation system remains as relevant today as it did more than 100 years ago because throughout its history it has successfully adapted," Donnell said.

Donnell shared key indicators of industry results. Preliminary 2016 private carrier net written premium increased to $40.1 billion, and the preliminary 2016 pretax operating gain percentage is 18%.

"At NCCI, it is our mission to foster a healthy workers compensation system," he continued. "We provide data, insights, tools, and services as a source that stakeholders can trust in the industry. To expand on the value we deliver, we are in the process of undertaking new research to even further benefit our stakeholders."

Donnell concluded his address with a call to action, focused on communicating the industry's many successes, expanding Thought Leadership, embracing emerging industry trends, and picking up the pace to enable the industry to remain "real-time relevant"-all the while retaining the system's delicate balance.

Following Donnell's remarks, Kathy Antonello, FCAS, FSA, MAAA, NCCI's chief actuary, delivered the company's highly anticipated State of the Line Report, which gave the audience a detailed description of 2016 industry results, market indicators, trends, and 2017 insights.

"The workers compensation underwriting results for 2016 were very strong, especially relative to other property and casualty lines of business," Antonello said. "A decline in frequency, paired with increases in indemnity and medical severity, contributed to a preliminary combined ratio of 94%. While faced with continued, historically low interest rates, the industry seems to be responding with diligence on the underwriting side."

Keywords for this news article include: National Council on Compensation Insurance NCCI, National Council on Compensation Insurance (NCCI).