While most insurance lines of business expect the worst from the economic and financial downturn, the workers compensation insurance market should expect a mixed impact.
Harry Shuford, chief economist, National Council on Compensation Insurance (NCCI) www.ncci.com, recently told attendees at the Casualty Actuarial Society www.casact.org Ratemaking and Product Management Seminar in Las Vegas, that recessions tend to place downward pressure on workers compensation exposure. However, one contradictory issue that underwriters and claims professionals often point out is that when a workers compensation client closes a plant, this leads to a surge in claims.
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