Welcome back to the second issue of Oliver Wyman's "Analytical Perspective!" This edition is a digital newsletter featuring a video highlighting the effects of COVID-19 on workers compensation claims.
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Watch as Ron Fowler, Practice Leader for Oliver Wyman P&C Actuarial interviews Amy Odom, Senior Vice President for Marsh Risk Consulting. Ron and Amy discuss Oliver Wyman's 2020 COVID-19 Impact Study, specifically workers compensation claims.
Some effects we are seeing on workers compensation claims through June 30th 2020:
- Reported claim counts decreased significantly year over year across all industries, even those including businesses deemed “essential.”
- Closed claim counts increased year-over-year in the beginning of the COVID period but have decreased year-over-year in the months of April through June
- The ratio of indemnity claims to total claims increased significantly and this is putting upward pressure on loss costs.
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COVID-19 And Its Impact On Workers Compensation Claims
Ron Fowler, Practice Leader for Oliver Wyman P&C Actuarial and Amy Odom, Senior Vice President of Marsh Risk Consulting discuss the impact of COVID-19 on workers compensation claims.