We ran across an article by Insurance Business recently that details some evolving trends in catastrophic workers’ compensation cases. We took a particular interest in this because while not all of the cases we assist in settling are catastrophic in nature, many of them are, and maintaining a keen understanding of the trends within the workers’ compensation industry helps us to better understand our client’s current approach to settling claims.
The article indicates the soft market experienced by the workers’ compensation industry over the last several years may be reversing. There are a variety of factors that contribute to the current landscape of catastrophic workers’ compensation claims, including injury frequency, escalating costs of medical goods and services, and the advancement of modern medicine and procedures that prolong the life of injured workers.
In our experience, these types of trends can elevate the status of a workers’ compensation claim from “standard” to “legacy” quick, fast, and in a hurry. It simply becomes less and less advantageous to settle a claim when projecting the escalating costs of medical needs over one’s lifetime. It is imperative to get out ahead of these claims and implement mitigation strategies to help resolve them once and for all. We are here to help bridge the settlement gap and assist our clients in tackling these difficult to settle cases in their entirety.
Again, our thanks to Insurance Business for a very informative article that can be read by clicking here.