Two forces have emerged that will reshape the workers comp system for years to come. The first is the COVID-19 pandemic, which has created sudden and deep shifts to personal health practices and healthcare delivery.
To reduce COVID-19s impact, much of the U.S. population is avoiding public spaces and travel, causing enormous disruption across a range of industries, from airlines to hospitality. This change has ignited a global recession.
Together, COVID-19 and the accompanying recession are driving changes across property and casualty insurance lines, including workers compensation, causing carriers, reinsurers and third-party administrators to rethink long-held assumptions.
Companies hoping to navigate all of this need to anticipate and prepare. To help, we held a Q&A session with some of the smartest people in the business who sit on our advisory panel.
Special thanks go to Dan Rufenacht, QBE North America; Will LaChapelle, QBE North America; David Bacon, QBE Insurance; Kevin Bingham, Chesapeake Employers Insurance; and Jim Kinzie, QBE Insurance. Below is a summary of responses outlining the most fundamental changes to plan for.
