Making Lemonade From Lemons

I’m linking to a recent article from Insurance Journal with the following headline: “It Could Have Been Worse. COVID-19’s Impact on Workers’ Compensation.”

This article summarizes a virtual roundtable of industry experts recently organized by the National Council on Compensation Insurance (NCCI). This group shared their preliminary analysis of 2020 claims trends. The highlights include:

Most COVID claimants needed only limited treatment;

20% of COVID claims required hospitalization;

Telemedicine usage has surged, and experts believe this will be a lasting change;

Written premiums have dropped to 2012 levels; however loss ratios also decreased

Unfortunately, the news is not all positive. Although opioid usage had been on the decline since 2018, a dramatic increase commenced in 2020. Whether it’s related to quarantine or social distancing disrupting recovery services, opioid utilization was up 10% in the second quarter of 2020.

Doing better requires constant vigilance, even while making the lemonade.

Call us. We can do better.

William Faris, JD
Chief Executive Officer
502-495-5040
william.faris@omca.biz
www.omca.biz

Posted in News