Will the Workforce Computer Market Be Resilient in 2023?

“We’ve seen the long-term trend for workers continue to improve. The frequency has been decreasing over the years, while employer protections have continued to improve. But then we’re hit with this dramatic shock that will affect where people work and how people work,” said Fulkstenis Insurance. told the business.

EMC Insurance, based in Des Moines, Iowa, is a property and casualty insurer with more than 110 years of experience. Workmen’s Compensation Insurance. But the pandemic has brought unprecedented changes to the labor landscape.

How did the pandemic affect the pool of workers?

A silver lining is that remote jobs have led to a reduction Labor collective demands. “We’ve seen fewer slips and falls in the workplace, and fewer drivers on the road means fewer vehicle accidents from drivers,” said Erin Stober (pictured below), assistant vice president of accident at EMC Insurance Company.

However, industries such as aviation, transportation, retail and manufacturing do not readily accommodate remote work. Workplace injuries and other claims. Long working hours in some of these industries make workers overworked due to high demand.

Big Resignations The well-documented spike in workers quitting their jobs amid the pandemic has also prompted stronger hiring efforts within companies. New employees present significant exposure to businesses because these workers must quickly learn to move into unfamiliar environments without adequate safety training.

“I don’t think things have been fully resolved yet [after the pandemic]. We are not in a static state. I think employers are still trying to figure out where all this is going,” Pulstenis said.

Inflation adds “ambiguity” to the pool of workers. Wages and medical expenses are rising along with the cost of goods and driving rates.

“Even though more people are staying at home and the number of injuries is down, premiums are going up due to different dynamics. Wages are rising and the risk profile has changed. We expect medical costs to rise as other costs rise. There is an offsetting effect with those two factors.

What is the forecast for the pool of workers in 2023?

Despite the complex dynamics in the workers’ compensation industry, EMC Insurance believes the market will remain strong in 2023. One of the most profitable segments of the US property and casualty insurance industry.

Last year marked the eighth consecutive year of underwriting gains for the workers’ compensation industry. Data from the National Council for Compensation Insurance (NCCI) shows that the combined ratio for private carriers was 87% in 2021, the same ratio as in 2020 and slightly higher than in 2019.

“We certainly see the workers’ compensation system doing very well, and we expect that trend to continue despite these other market pressures,” Stober said. “We continue to work hard with our policyholders and agency partners to minimize potential workers’ compensation claims through services to help establish safer workplaces.”

“The workers’ comp market was healthy going into the pandemic, and we still believe the workers’ comp market will be healthy going forward,” Pulstenis acknowledged.

One way that agents and brokers can help their clients increase the rate in their pool of workers is by encouraging them to improve their risk management. EMC offers insurance companies a variety of services and resources to minimize claims.

“Our mission is to improve lives and workers are front and center. We work through our independent agents to impact the lives of employers and employees,” Pulkstenis told Insurance Business.

For Stoeber, EMC Insurance is less focused on market uncertainties. “The opportunities in the workers’ compensation market, as well as the services and solutions that EMC brings to the conversation, cannot be overstated,” he said.

What are your thoughts on the state of the workers’ compensation market? Share them in the comments below