Aging Workforce May Not Be So Bad for Workers’ Compensation, Says NCCI

The aging workforce may not have the negative impact on loss costs that workers’ compensation insurers have feared. New research from the industry’s National Council on Compensation Insurance (NCCI) also concludes that while loss costs are higher for older workers due to the severity of their claims, these costs tend to be accounted for in higher premiums, which are based on the higher wages earned by older workers. The new study, “Workers Compensation and the Aging Workforce,” found that workers’ compensation claims frequency has fallen across all age groups and differences by age have narrowed.