2023 Webinar - An Examination of Recent Decreases in New York Workers’ Compensation Loss Development Factors - August 17
The purpose of this CAS Webinar is to provide insight into the decreases in loss development factors observed in recent years in the State of New York. This research brief explains the loss development concept, describes the loss development factors observed in recent years, investigates several drivers of the observed decreases, and offers an analysis of their absolute and relative impact. The drivers of recent decreases in loss development factors examined in this research brief are: (i) changes in the way opioids are prescribed and utilized in the workers’ compensation system, (ii) changes in claim settlement activity, and (iii) the early recognition of high severity claims. Key Messages include: Loss development factors have been decreasing in New York; The decrease is driven by decreases in opioids, increases in settlements, and the earlier recognition of large claims; and the drivers of the decreased loss development factors in New York apply countrywide.
Learning Objectives:
- Understand the drivers of loss development factor decreases in New York.
- Create a framework for quantifying the impact of each driver.
- Apply the methodology to other states.
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