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NCCI’s Annual Insights Symposium (AIS) 2022–AIS Highlights Report Now Available

NCCI’s Annual Insights Symposium (AIS) 2022–AIS Highlights Report Now Available
PR Newswire
BOCA RATON, Fla., May 12, 2022

BOCA RATON, Fla., May 12, 2022 /PRNewswire/ — Experts from the National Council on Compensation Insurance (NCCI) shared a w…

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NCCI's Annual Insights Symposium (AIS) 2022--AIS Highlights Report Now Available

PR Newswire

BOCA RATON, Fla., May 12, 2022 /PRNewswire/ -- Experts from the National Council on Compensation Insurance (NCCI) shared a wide range of insights on how the workers compensation system is responding to workplace and workforce changes. The full AIS Highlights Report is now available.

"The demand for insights has never been greater," said NCCI President and CEO Bill Donnell.

NCCI shared its in-depth State of the Line Report and other research at its newly renamed Annual Insights Symposium 2022 from May 9 through 11 in Orlando, FL. Experts examined how catastrophe modeling works in workers compensation, the potential impacts of the Great Reshuffle on injury frequency, the implications of rapidly rising wages, and the threat of renewed medical cost inflation. Other speakers addressed inclusive leadership, the economics of workers compensation, and the latest thinking in artificial intelligence.

"The business environment is changing, and the pace of change is quickening, so the demand for insights has never been greater," said NCCI President and CEO Bill Donnell. "NCCI is expanding its efforts to deliver timely and valuable insights to help keep the system healthy."

Here are some highlights from NCCI's Annual Insights Symposium 2022:

Bill Donnell, CPCU, President and CEO, NCCI
Key Insights:

  • The workers compensation system is remarkably strong and resilient. Stakeholders in the system can take pride in how the industry has responded during the past two years.
  • The business environment is changing, and the pace of change is quickening, so the demand for insights has never been greater. NCCI is expanding its efforts to deliver timely and valuable insights to keep the system healthy.
  • The workers compensation system is challenged to step up once again. That means using data more effectively and keeping the focus on serving injured workers and their families.

"Our industry must stay true to its noble responsibility: helping injured workers and their families. This is why we exist," said Bill Donnell, President and CEO, NCCI.   

Donna Glenn, FCAS, MAAA, Chief Actuary, NCCI
State of the Line Report
Key Insights:

  • The workers compensation line is strong and healthy.
  • The system saw its eighth consecutive year of underwriting profitability with a calendar year combined ratio of 87, outperforming other property and casualty lines.
  • Net written premiums rose about 1% in 2021.
  • Lost-time claim frequency data suggests the long-term decline continues, despite a rise in frequency in 2021. Since 2019, frequency has declined slightly.
  • There is no change expected in medical and indemnity claims severity in 2021.
  • There are potential challenges ahead as medical costs could experience inflationary pressure.
  • Workers compensation reserves are robust. Reserves grew to $16 billion redundant as of year-end 2021.

"Strong employment and significant wage growth are fueling workers compensation payroll increases," said NCCI Chief Actuary Donna Glenn. "We have a remarkably strong and healthy system right now."

Nadege Bernard-Ahrendts, FCAS, Practice Leader and Senior Actuary, NCCI
COVID-19 Update
Key Insights:

  • The number of COVID-19 claims declined in 2021 with indemnity-only claims making up more than 50 percent of those claims.
  • Most COVID claims continue to be small. However, claims of more than $100,000 account for 1.2% of claims and 66% of losses. Nearly half of the most complex claims—those of more than $500,000—involved workers who died.
  • Healthcare workers remain the most impacted by COVID-19 even as the number of impacted workers in nursing/convalescent homes declined substantially in 2021.

"The pandemic continues to impact the workers compensation system. We expect the impact will continue to lessen in future years," said Nadege Bernard-Ahrendts, Practice Leader and Senior Actuary, NCCI.

Katherine Williamson, FCAS, MAAA, Director, Data Science, NCCI
Workers Compensation Catastrophes: Past, Present, and Future
Key Insights:

  • NCCI now defines a catastrophe as any single event with $50 million or more of workers compensation losses.
  • NCCI has concluded that the current catastrophe load in ratemaking is sufficient.
  • While uncertainty always remains, the system has a much greater understanding of pandemics and other extreme risks compared to two years ago.

"NCCI has taken a fresh look at how catastrophes figure into ratemaking for workers compensation in the wake of the COVID-19 pandemic," said Katherine Williamson, Director, Data Science, NCCI.

Leonard F. Herk, PhD, Executive Director and Senior Economist, NCCI; and Carolyn Wise, ACAS, MAAA, Manager and Associate Actuary, NCCI
The Great Reshuffle
Key Insights:

  • Today's labor market has more short-tenured workers, more remote workers, and a different industry mix of employment than before the COVID-19 pandemic.
  • Short-tenured workers have a higher frequency of job-related injuries than full-tenured workers, and the difference in injury rates varies greatly across industries.
  • Remote workers appear to have a lower frequency of job-related injuries than on-site workers, and this difference appears not to vary across industries.
  • Changes in the industry mix of employment—especially employment shifts between lower and higher severity classes—can have complex effects on aggregate frequency.

"While there are more short-tenured workers on the job today than two years ago, there were a lot of short-tenured workers even before the COVID pandemic," said Leonard F. Herk, Executive Director and Senior Economist, NCCI.

"The Great Reshuffle may lead to short-term frequency anomalies. However, it is not likely to cause a turn in the long-term frequency trend," said Carolyn Wise, Manager and Associate Actuary, NCCI.

Sean Cooper, FCAS, MAAA, Practice Leader and Senior Actuary, NCCI; and Raji Chadarevian, Director, Medical Regulation and Informatics, NCCI
The Medical Dilemma
Key Insights:

  • Medical inflation in workers compensation has been moderate for the past decade. But with the recent dramatic rise in consumer prices, concerns have emerged about medical inflation.
  • Changes in medical claims costs are driven by two factors: the price of medical services and utilization, which measures the mix and number of services provided to an injured worker.
  • NCCI's most recent data shows drug costs are declining, physician costs are up slightly, and facility costs are rising in the workers compensation system.

"While general inflation is up, workers compensation medical trends have been moderate and the forecast remains relatively moderate in the near future," said Sean Cooper, Practice Leader and Senior Actuary, NCCI.

"Prices are only half the story. Prices matter. Utilization matters also," said Raji Chadarevian, Director, Medical Regulation and Informatics, NCCI.

Robert P. Hartwig, PhD, CPCU, Clinical Associate Professor of Finance, Darla Moore School of Business, University of South Carolina
Top 5 Ways COVID Changed the Economics of Workers Compensation—For Better or Worse
Key Insights:

  • Despite many analogies, today's economy and operating environment for insurers couldn't be more different from the late 1970s to early 1980s.
  • The "R" word: Recession is increasingly likely but still avoidable.
  • Extreme volatility in the investment environment is both an opportunity and a concern for insurers, especially in long-tail lines such as workers compensation.
  • The economic reverberations from COVID will last years beyond the end of the pandemic itself.

"Economic uncertainty has Wall Street climbing its proverbial 'Wall of Worry,' and P/C insurers are along for the ride," said Robert P. Hartwig, Clinical Associate Professor of Finance, Darla Moore School of Business, University of South Carolina.

Roger Fergusonformer President and CEO, TIAA; former Head of Financial Services, Swiss Re; and former Vice Chairman, Federal Reserve System
Key Insights:

  • Empathy may be the most important leadership trait. To get people to follow you, they have to know you. Empathy is a force multiplier for leadership. 
  • Crisis situations require leaders to show fortitude, leverage experts in the business, demonstrate empathy, and have clarity about goals.
  • To attract talented young people to insurance, start with the mission of insurance. We make the world a better place. Help prospective employees understand the link between the technical aspects of insurance products and how we actually improve people's lives. 
  • He forecasts that the potential for a recession is high but anticipates it may be relatively mild and short in duration. 

"Research shows that teams that are more diverse and inclusive get better results," said Roger Ferguson, former President and CEO, TIAA; former Head of Financial Services, Swiss Re; and former Vice Chairman, Federal Reserve System. "It's not just about having diversity; you also need inclusion. Diversity is getting invited to the party. Inclusion is getting asked to dance."  

James Guszcza, Research Affiliate, Center for Advanced Study in the Behavioral Sciences, Stanford University
Human Factors: Expanding the Science of Predictive Analytics and Artificial Intelligence (AI)
Key Insights:

  • Human-machine hybrid intelligence is a better framework to guide practice than "AI."
  • The focus of hybrid-intelligence design is real-world results, not machine outputs.
  • Hybrid-intelligence design goes beyond machine learning to take into account human values, needs, and relative cognitive strengths and limitations.

"Without smart design, machine learning can result in artificial stupidity rather than artificial intelligence," said James Guszcza, Research Affiliate, Center for Advanced Study in the Behavioral Sciences, Stanford University.

The full AIS Highlights Report is now available. Check out session summaries and the complete workers compensation State of the Line Report and State of the Line Guide, now available at ncci.com/AIS.

About NCCI
Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations. These activities—combined with a comprehensive set of tools and services—make NCCI the source you trust for workers compensation information.

Media Contact:
Cristine Pike
Director, Public Relations and Communications, NCCI

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Economics

Morgan Stanley: SPX could return to its pre-pandemic 3,400 level

The S&P 500 index could return to its pre-pandemic 3,400 level in the coming months that translates to another 15% downside from here, warned a Morgan…

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The S&P 500 index could return to its pre-pandemic 3,400 level in the coming months that translates to another 15% downside from here, warned a Morgan Stanley analyst on Monday.

Don’t be fooled by the bear market rally

Michael Wilson dubs the recent bounce (about 4.0%) in U.S. equities a “bear market rally” and says investors should brace for more pain ahead as inflation and supply constraints remain a significant headwind. In his note, the analyst said:

With valuations now more attractive, equity markets so oversold an rates potentially stabilizing below 3.0%, stocks appear to have begun another material bear market rally. After that, we remain confident that lower prices are still ahead.

Last week, the U.S. Bureau of Labour Statistics said inflation stood at 8.30% in April – a marginal decline versus the prior month but still ahead of the Dow Jones estimate.

How to navigate the current environment?

Wilson continues to see a recession as unlikely, but agrees that the risk of such an economic downturn has certainly gone up. The U.S. economy unexpectedly shrank 1.40% in the first quarter of 2022.

That is just another reason why equity risk premium is too low, and stocks are still overpriced. The bear market won’t be over until valuations fall to levels (14 – 15x) that discount the kind of earnings cuts we envision, or earnings estimates get cut.

He recommends increasing exposure to real estate, health care, and utilities stocks to navigate the current environment, while tech and consumer discretionary stocks remain a big “no” for him.

The post Morgan Stanley: SPX could return to its pre-pandemic 3,400 level appeared first on Invezz.

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Jelenew becomes the only sports brand as the Signature Sponsor of amfAR Gala during the 75th Festival de Cannes

Jelenew becomes the only sports brand as the Signature Sponsor of amfAR Gala during the 75th Festival de Cannes
PR Newswire
WILMINGTON, Del., May 16, 2022

Jelenew x Stéphane cycling-pants dress will be auctioned off to support the fight against AID…

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Jelenew becomes the only sports brand as the Signature Sponsor of amfAR Gala during the 75th Festival de Cannes

PR Newswire

Jelenew x Stéphane cycling-pants dress will be auctioned off to support the fight against AIDS and COVID-19

WILMINGTON, Del., May 16, 2022 /PRNewswire/ -- AmfAR announced on April 26 that Jelenew would be an amfAR Signature sponsor during the 75th Cannes Film Festival. It is reported that Jelenew is the only athletic brand among them. And Jelenew will jointly create a cycling-pants dress newlook with Stéphane Rolland, and one of the cycling-pants dresses will auction at the dinner. This helps amfAR raise funds for the American AIDS Research Foundation to contribute to the global fight against AIDS (AIDS) and COVID-19.

As a pioneer challenger in the professional cycling apparel industry, Jelenew has always adhered to the brand concept of "born for women." It focuses on solving clothing and equipment problems in professional cycling for women. It is committed to providing women with cycling products that perfectly integrate "sport functionalism, comfort, and 3D structural aesthetics". The earliest motivation for Jelenew to develop "1+1 model" detachable outer padded cycling pants (1 pair of tight-fitting leggings + 1 pair of detachable outer padded cycling shorts) came from Jelenew's social responsibility and industry mission.

In tracing the evolution history of cycling pants, the Jelenew R&D team found that although there are significant structural differences and needs between men and women. In the past 100 years, male and female riders have worn the same built-in pad cycling pants structure. They know that the "cycling pad" significantly impacts cyclists; it is the core element that affects cycling pants' comfort, sports performance, and health and hygiene index. Unscientific structure and design will obliterate women's health, comfort, and beauty. The women's cycling apparel industry urgently needs a cycling brand that is "truly made for women," which can solve the pain points of female consumers from a female perspective. So those female cyclists can enjoy the same healthy riding as male cyclists.

Jelenew's creative director Di Liu, a former Chanel Haute Couture designer, established Jelenew's research team and product development team in Paris, France. According to the different physiological structures of men and women and the differentiated needs in the riding process, he took the lead in introducing the moulage technique into the design of professional cycling pants. He led the development of the first professional cycling pants for women, the Jelenew 1+1 model: detachable outer padded cycling pants. These cycling pants subvert the built-in pad structure of traditional cycling pants. They are the first professional cycling pants truly created for women globally. 

As the world's top charity dinner, amfAR has become one of the most anticipated events during the Cannes Film Festival. Each session has attracted many international celebrities to show up to help out. As a high-profile event, amfAR is also cautious in selecting cooperative brands. The list of official partners used to be Chopard, Bvlgari,Harry Winston and Louis Vuitton, the top brands loved by celebrities. This year, in the official invitation letter of amfAR, the cutting-edge brand Jelenew is listed, and it is the only signature sponsor other than Chopard.

Di Liu said: "Jelenew is honored to be the amfAR signature sponsor during the 75th Cannes Film Festival. Over the years, this good foundation has been dedicated to advocating the impact of AIDS and HIV, providing financial support to HIV/AIDS researchers worldwide, and seeking to translate their research findings into effective policy, prevention, and a therapeutic education program that benefits the world. Each of us has the power to drive transformation. As an individual, the power may not be that great. However, when we come together, we become world game-changers. Jelenew is proud to be a part of it. "

It is understood that the cycling-pants dress newlook of Jelenew x Stéphane Rolland, which will be auctioned at the charity dinner this time, draws inspiration from the golden age of Spain in the 17th century and is a "dark cycling bride" dress look with a sense of the times. Stéphane Rolland designs the black dress on the upper body according to the paintings of Goya and Velasquez and the large black tunic with more stripes. And sleeves are embroidered with Art Deco crystals. Jelenew is based on the first professional outer padded cycling pants. It is inspired by the "Goddess of Victory" in the Louvre Museum. It draws inspiration from the Spanish 17th-century noble knight pants to create a pair of cycling pants with feminine avant-garde. This is the first cross-field cooperation between Sports Technology and Haute Couture, a milestone in the fashion field. 

It is reported that all proceeds from the cycling-pants dress newlook auction will be donated to the "amfAR AIDS Research Fund."

About JELENEW 

Jelenew is an American avant-garde cycling brand born for women. It creates the first cycling pants truly made for women in the world. It brings the groundbreaking combination of "Haute Couture and Sportswear" and carefully designs each product with "luxury moulage technique" to provide a more refined sports experience and promote a healthy lifestyle for cyclists to enjoy elegant and stylish suburban cycling.

About amfAR and amfAR Gala 

amfAR, The Foundation for AIDS Research, is one of the world's leading nonprofit organizations dedicated to the support of AIDS research, HIV prevention, treatment education, and advocacy. Since 1985, amfAR has invested nearly $617 million in its programs and has awarded more than 3,500 grants to research teams worldwide.

Celebrities frequently donate items to be auctioned off for the foundation. Past donors have included Uma Thurman, Karlie Kloss, and Milla Jovovich. The 25th annual gala embraced the #MeToo movement. 25 prominent women chaired it on stage and screen, namely: Alessandra Ambrosio, Poppy Delevigne, Linda Evangelista, Sylvia Fendi, Aileen Getty, Kate Hudson, Scarlett Johansson, Milla Jovovich, Heidi Klum, Daphna Krim (daughter of Mathilde Krim), Karolina Kurkova, Sienna Miller, Angela Missoni, Mary Parent, Katy Perry, Natasha Poly, Aishwarya Rai, Vanessa Redgrave, Joely Richardson, Carine Roitfeld, Caroline Scheufele, Irina Shayk, Lara Stone, Donatella Versace, and Michelle Yeoh. Past items auctioned have included numerous photographs by Andy Warhol, Annie Leibovitz portrait sessions, stays in fashion moguls and celebrity houses, and 53-karat diamond jewelry. Heidi Klum notably donated her Bentley S3 convertible to garner one of the highest bids at €200,000.

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World a ‘virtual tinderbox’ for catastrophic levels of severe malnutrition in children – UNICEF

World a ‘virtual tinderbox’ for catastrophic levels of severe malnutrition in children – UNICEF
Canada NewsWire
NEW YORK, May 16, 2022

Soaring food prices driven by the war in Ukraine and pandemic-fuelled budget cuts set to drive up both need for, …

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World a 'virtual tinderbox' for catastrophic levels of severe malnutrition in children - UNICEF

Canada NewsWire

Soaring food prices driven by the war in Ukraine and pandemic-fuelled budget cuts set to drive up both need for, and cost of life-saving therapeutic food treatment, the latter by up to 16 per cent

Multimedia content available to download here

NEW YORK, May 16, 2022 /CNW/ - The number of children with severe wasting was rising even before war in Ukraine threatened to plunge the world deeper into a spiralling global food crisis - and it's getting worse, UNICEF warned in a new Child Alert.

Released today, Severe wasting: An overlooked child survival emergency shows that in spite of rising levels of severe wasting in children and rising costs for life-saving treatment, global financing to save the lives of children suffering from wasting is also under threat.

"Even before the war in Ukraine placed a strain on food security worldwide, conflict, climate shocks and COVID-19 were already wreaking havoc on families' ability to feed their children," said UNICEF Executive Director Catherine Russell. "The world is rapidly becoming a virtual tinderbox of preventable child deaths and child suffering from wasting."

Currently, at least 10 million severely wasted children – or 2 in 3 – do not have access to the most effective treatment for wasting, ready-to-use therapeutic food (RUTF). UNICEF warns that a combination of global shocks to food security worldwide – led by the war in Ukraine, economies struggling with pandemic recovery, and persistent drought conditions in some countries due to climate change – are creating conditions for a significant increase in global levels of severe wasting.

Meanwhile, the price of ready-to-use therapeutic food is projected to increase by up to 16 per cent over the next six months due to a sharp rise in the cost of raw ingredients. This could leave up to 600,000 additional children without access to life-saving treatment at current spending levels. Shipping and delivery costs are also expected to remain high.

"For millions of children every year, these sachets of therapeutic paste are the difference between life and death. A sixteen per cent price increase may sound manageable in the context of global food markets, but at the end of that supply chain is a desperately malnourished child, for whom the stakes are not manageable at all," said Russell.

Severe wasting – where children are too thin for their height resulting in weakened immune systems – is the most immediate, visible and life-threatening form of malnutrition. Worldwide, at least 13.6 million children under five suffer from severe wasting, resulting in 1 in 5 deaths among this age group.

South Asia remains the 'epicentre' of severe wasting, where roughly 1 in 22 children is severely wasted, three times as high as sub-Saharan Africa. And across the rest of the world, countries are facing historically high rates of severe wasting. In Afghanistan, for example, 1.1 million children are expected to suffer from severe wasting this year, nearly double the number in 2018. Drought in the Horn of Africa means the number of children with severe wasting could quickly rise from 1.7 million to 2 million, while a 26 per cent increase is predicted in the Sahel compared to 2018.

The Child Alert also notes that even countries in relative stability, such as Uganda, have seen a 40 per cent or more increase in child wasting since 2016, due to rising poverty and household food insecurity causing inadequate quality and frequency of diets for children and pregnant women. Climate-related shocks including severe cyclical drought and inadequate access to clean water and sanitation services are contributing to the rising numbers.  

The report goes on to warn that aid for wasting remains woefully low and is predicted to decline sharply in the coming years, with little hope of recovering to pre-pandemic levels before 2028. According to a new analysis for the brief, global aid spent on wasting amounts to just 2.8 per cent of the total health sector ODA (Official Development Assistance) and 0.2 per cent of total ODA spending.

To reach every child with life-saving treatment for severe wasting, UNICEF is calling for:

  • Governments to increase wasting aid by at least 59 per cent above 2019 ODA levels to help reach to help reach all children in need of treatment in 23 high burden countries.

  • Countries to include treatment for child wasting under health and long-term development funding schemes so that all children can benefit from treatment programmes, not just those in humanitarian crisis settings.

  • Ensure that budget allocations to address the global hunger crisis include specific allocations for therapeutic food interventions to address the immediate needs of children suffering from severe wasting.

  • Donors and civil society organizations to prioritize funding for wasting to ensure a diverse, growing and a healthy ecosystem of donor support.

"There is simply no reason why a child should suffer from severe wasting – not when we have the ability to prevent it. But there is precious little time to reignite a global effort to prevent, detect and treat malnutrition before a bad situation gets much, much worse," said Russell.

"Millions of children around the world are suffering from severe wasting, the most immediate, visible and life-threatening form of malnutrition. The triple threat of COVID-19, climate change and conflict are increasing severe wasting cases impacting millions of children around the world. The conflict in Ukraine is set to plunge the world in to even deeper nutrition and food crisis, with children paying the ultimate price. But the good news is we already have the knowledge and tools to make a lasting difference between life and death for the world's most vulnerable children. Canada, as a global leader, must build on its commitments and address the growing malnutrition crisis, including support for the prevention, detection and treatment of malnutrition and wasting. Canadian leadership on the global stage will help save lives. Now is the time to take action." - David Morley, President and CEO, UNICEF Canada

Notes to Editors

About RUTF
Ready-to-use therapeutic food (RUTF) paste is a lipid-based energy dense, micronutrient paste, using a mixture of peanuts, sugar, oil, and milk powder, packaged in individual sachets. UNICEF, the global leader in RUTF procurement, purchases and distributes an estimated 75-80 per cent of the world's supply from over 20 manufacturers located across the world.

About ODA
Official development assistance (ODA) is government aid that promotes and specifically targets the economic development and welfare of developing countries. The Development Assistance Committee (DAC) of the Organization for Economic Co-operation and Development (OECD) adopted ODA as the main instrument of foreign aid in 1969 and it remains the main source of financing for development aid. ODA data is collected, verified and made publicly available by the OECD.

About UNICEF
UNICEF is the world's leading humanitarian organization focused on children. We work in the most challenging areas to provide protection, healthcare and immunizations, education, safe water and sanitation and nutrition. As part of the United Nations, our unrivaled reach spans more than 190 countries and territories, ensuring we are on the ground to help the most disadvantaged children. While part of the UN system, UNICEF relies entirely on voluntary donations to finance our life-saving work. Please visit unicef.ca and follow us on Twitter, Facebook and Instagram.

SOURCE UNICEF Canada

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