Article Published by: www.claimsjournal.com
The share of “mega” workers’ compensation claims — those expected to cost $3 million or more — climbed steadily since 2013 after dropping as construction employment declined sharply during the Great Recession, according to a report by the National Council on Compensation Insurance and nine state rating bureaus.
The report, released Tuesday, says insurers are recognizing mega claims more quickly. That may be because many are now using analytical models to identify and triage claims with high cost potential early in the process. The report says significant increases in the number of reported mega claims in 2016 and 2017 may be attributable to insurers recognizing those claims earlier.