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Workers’ Compensation and COVID: More Data on Evolving Claims Workers’ compensation insurers aren’t getting the large aggregate volumes of COVID-related claims projected during the early months of the pandemic, but different data sources give varying readouts on developments for individual U.S. states and classes of workers. In fact, while claim frequencies are down for workers’ compensation overall with business shutdowns bringing lower numbers of non-COVID claims, and while the bulk of COVID comp claims are short-duration, low-dollar claims, some insurers have paid out claims that were $2 million or more for health care workers infected on the job And the length of tail of COVID-related comp claims is far from certain, experts said during a webinar last Thursday. ....
Workers’ Compensation and COVID: More Data on Evolving Claims Workers’ compensation insurers aren’t getting the large aggregate volumes of COVID-related claims projected during the early months of the pandemic, but different data sources give varying readouts on developments for individual U.S. states and classes of workers. In fact, while claim frequencies are down for workers’ compensation overall with business shutdowns bringing lower numbers of non-COVID claims, and while the bulk of COVID comp claims are short-duration, low-dollar claims, some insurers have paid out claims that were $2 million or more for health care workers infected on the job. And the length of tail of COVID-related comp claims is far from certain, experts said during a webinar last Thursday. ....
02/05/21 WorkersCompensation.com Chicago, IL (WorkersCompensation.com) - The workers compensation industry has collectively seen tens of thousands of claims for COVID-19 contracted in the workplace, and those numbers continue to grow. Despite what you may have heard, many of these claims have incurred costs over $1 million. Additionally, businesses are seeing claims in other coverage lines, including employers liability, general liability, employment practices liability and even directors and officers liability. Out Front Ideas with Kimberly and Mark will present a complimentary webinar on the topic, scheduled for February 16, 2021 at 11 AM CST. Kimberly George and Mark Walls will host a panel of experts discussing what types of claims they are seeing, how these claims are developing and how risk managers should be preparing for in the future. ....