North Carolina Workers’ Compensation Analysts Debate Implications of latest NCCI Conference

May 31, 2010, by Michael A. DeMayo

If you face a personal North Carolina workers’ compensation battle – against an insurance company, employer, or even the North Carolina Industrial Commission – chances are that you are not all too concerned about the broader implications of the NC workers’ comp policy debate. But an announcement at a recent conference in Orlando, Florida may indirectly affect you by changing insurers’ fundamental attitudes about state of the workers’ comp market.

Here is the scoop:

On May 6th, Stephen Klingel, the CEO of the National Council on Compensation Insurance (NCCI) announced that workers’ comp premiums in the United States have dropped precipitously from 2007 to 2009. The decline in premiums – which has been going on for three in a row – is the worst that the industry has faced since the Great Depression, and doomsdayers argue that these numbers do not spell good news for the economic recovery.

On the flip side, if North Carolina workers’ compensation insurance premiums fall — while this certainly will not be great for the insurance industry — it might prove to be something of a boon for employers and workers. Here is the thinking. If employers can afford more coverage, they theoretically might hire more workers.

That said, you have to be careful because these things are not always one to one. Just because North Carolina workers’ compensation premiums drop doesn’t mean that employers will be incentivized to do more hiring or that this will in turn lead to brighter times for workers.

All this is to say that if you or a loved one faces a crisis with respect to North Carolina workers’ compensation policy or benefits, don’t try to work out the complex details on your own. Connect today with a veteran, experienced North Carolina workers’ compensation firm to go over your strategic options and build a battle plan. Clarifying your road ahead will reduce your anxiety and help you focus on your physical and financial rehabilitation.

More Web Resources:

National Council on Compensation Insurance

Story about plunging workers comp rates

 
 

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