- Chicago, IL
For the last several years, the Workers' Compensation insurance market has been walking something of a tightrope — it's profitable and popular among US insurance companies, despite steadily decreasing rates and premiums. That fact has led insurance leaders to flash warning signs about the future of the Workers' Compensation market, especially as economic headwinds have started to add up.
Still, it's a mixed bag. Alongside the continued downward trend in rates, claims frequency is edging lower, even as severity is creeping up due to medical inflation and the rising cost of care. Legislative activity continues related to post-traumatic stress disorder (PTSD) and other claim categories, and regulators are still working to define who qualifies as an essential employee from an insurance perspective and what that means for their coverage.
The 2023 US Workers' Compensation Market Outlook examines the current state of this sector, provides insights on helping clients navigate renewals and looks at what to expect for the rest of 2023 and into 2024.
Learn key insights from the 2023 US Workers' Compensation Market Outlook:
- Key factors affecting the segment, such as economic conditions, claim activity and the impact of gig workers
- A look into the longer-term effects of technology on all parts of the market.
- What to expect in 2024 and what you need to know before you approach renewal season
Get the full 2023 US Workers' Compensation Market Outlook to learn more