NCCI Releases Multi-Bureau Collaborative Report on COVID-19 Claims Characteristics and Trends
To better understand the pandemic's impact on the workers compensation (WC) industry, a cross-bureau collaborative effort was made to analyze COVID-19 claims characteristics, including representation from the following WC bureaus:
Claim and loss activity during 2020 as of year-end 2020 varies across jurisdictions, indicative of how the pandemic impacted individual states differently and at varying times. The early evaluation of the emergence of COVID-19 claims includes many uncertainties.
Key findings in the study include:
- For the 45 states included in this analysis, COVID-19 claims represent 11.0% of total claims counts and 3.5% of incurred losses.
- Indemnity-only claims emerged as a significant share of reported COVID-19 claims.
- In aggregate, COVID-19 claims that remained open have relatively higher case reserves due to the uncertainty of COVID-19 infections, later than average accident dates, and timing of the various waves of the pandemic.
- COVID-19 indemnity claims closed more quickly than non-COVID-19 indemnity claims, partly driven by the large share of indemnity-only claims.
- Despite the higher closure rate, the ratio of paid to paid + case losses on COVID-19 claims is lower when compared with that for non-COVID-19 claims.
Read the full report to learn more.
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