NCCI Data Shows Continued Strength in WC System
- The National Council on Compensation Insurance (NCCI) said Tuesday that the performance of the workers’ compensation system remains strong according to 2024 data.
- NCCI’s State of the Line report said WC premium decreased 3% in 2024. Private carriers produced their 11th consecutive year of underwriting profitability with a calendar year 2024 combined ratio of 86.
- NCCI estimates a redundant industry reserve position of $16 billion.
- Lost-time claim frequency declined by 5% in 2024, a faster pace than the long-term average decline.
- Severity grew in 2024 with increases of 6% for medical claim severity and 6% for indemnity claim severity.
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NY Bill Would Make Fast-Food Franchisors Liable for WC Laws
- The New York State Legislature is considering legislation which would impose joint and several liability on fast-food franchisors for certain labor law violations.
- Senate Bill S7289, or the “New York State Fast Food Franchisor Accountability Act,” would make fast-food restaurant franchisors responsible for ensuring that their franchisees are compliant with “applicable employment, worker safety, public health and safety laws and orders and any rules or regulations” to the same extent that those laws are enforceable against fast-food restaurant franchisees.
- That would include applicable workers’ compensation laws.