Workers’ Comp Advisor will take its annual winter break starting Monday, Dec. 23, 2024 and resume daily publication on Friday, Jan. 3, 2025. Happy Holidays to all of our valued subscribers!

Workers’ Compensation Market Remains Favorable to Buyers: Lockton

• Workers’ Compensation results remain a source of strength for insurers, according to the December Lockton Market Update. 
• Median rates for guaranteed cost programs fell 2.7% in the third quarter, while median rates for loss-sensitive programs fell 0.9% during the same period.
• Ample capacity, greater competition, and strong reinsurance support continue to drive rates down workers’ compensation, along with property, directors and officers liability, and cyber insurance.
• Separately, Ivans on Monday said renewal rates for workers’ compensation policies continued to decline in November, with rates dropping further to -1.52% from -1.43%.
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NC Supreme Court Clarifies Extended Compensation Standard

• The North Carolina Supreme Court last Friday ruled that an individual’s “total loss of earning capacity” is defined by the loss of their capacity to earn wages in any type of employment.
• In the case of Martin Sturdivant v. North Carolina Department of Public Safety, the former corrections officer injured his back on the job and was paid temporary total disability payments.
• In 2020, as Sturdivant approached 500 weeks of total temporary disability payments, he applied for extended compensation. The North Carolina Industrial Commission rejected his claim, concluding that Sturdivant had not sustained a “total loss of wage-earning capacity” as required by state law statute.
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Wisconsin Seeks Input on WC Reforms

• Wisconsin’s Workers’ Compensation Advisory Council is seeking employer input on prospective changes to the state’s Workers’ Compensation Insurance System.
• The most recent reforms to the workers compensation program were approved by the Legislature and signed into law by Governor Tony Evers on March 22, 2024.
• The Advisory Council provides guidance to the Department of Workforce Development, particularly in developing recommendations for changes to the workers compensation system.
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Wearable Technology Could Help Cut WC Claims: Conning Report

• Wearable technology is seen as a viable option to help reduce workplace injuries but has yet to achieve widespread adoption, as evidenced by a relatively low uptake rate, according to a new report by insurance industry investment advisor Conning.
• The Generali Investments unit surveyed 60 senior workers’ comp insurance executives to gauge their sentiment about wearable devices.
• Conning said the report, for which it is charging $1,500, provides insights in the efficacy and ROI of wearable devices, what is being done to encourage wearable usage among insureds, and potential adoption obstacles, among other topics.
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