In industry news:

NCCI recently released a new edition of its quarterly newsletter examining the current state of the economy and the implications for workers’ compensation insurance. This edition also looks at economic trends in the construction sector and how those trends may impact premium by state.

Among the findings:

  • Employment Growth: Hiring was strong in 2015 with private employment growing by 2.8 million workers, the largest increase since the recession.
  • Wage Growth: After posting an increase of 3.1 percent in 2014, we estimate that average weekly wages increased by 2.8 percent during 2015, based on preliminary data to date.
  • Medical Inflation: Medical inflation will continue to outpace general inflation in the economy for the foreseeable future.
  • Interest Rates: The current environment of low interest rates continues to restrain investment income in the property/casualty industry.

Access the report here.

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