All Eyes on Economics: Labor Market Trends and Workers Compensation with Donna Glenn and Stephen Cooper (NCCI)

Description: All Eyes on Economics is a podcast series by the insurance information institute providing different perspectives on the intersection of economics and business strategy in insurance and financial sectors. Thoughtful and actionable, Dr. Léonard and his guests engage in lively exchanges about how business leaders integrate economics into their wider growth strategy - and how economics is delivering tools that specifically match business needs in today's challenging economy. What You'll Hear in This Episode: In this episode of All Eyes on Economics, Host Michel Léonard, Donna Glenn, Chief Actuary at NCCI, and Stephen Cooper, Executive Director and Senior Economist at NCCI, engage in an in-depth discussion on the workers compensation market. They discuss key factors in ratemaking, including economic indicators and the importance of understanding wage growth, inflation, and their regional impacts. Donna highlights the diverse state and industry variables that shape rate adequacy, emphasizing how payroll growth—driven by headcount and wage increases—supports the workers compensation system amid declining loss costs. Stephen explains NCCI's Workers Compensation Weighted Medical Price Index, which offers a more precise view of medical inflation unique to the workers compensation industry, contrasting it with broader economic inflation trends. Together, they underscore how a blend of economic insights and actuarial expertise leads to more informed ratemaking decisions that account for local labor market nuances and evolving conditions across the industry. Tune in today for an episode packed with thought leadership and actionable insights. Learn More Here: NCCI industry information section for access to data tools and resources. NCCI INSIGHTS section for articles on economic and industry trends, including 2024 in Sight, 2023 in Review and other thought leadership reports. Medical Inflation Insights - October 2024 and NCCI's Workers Compensation Weighted Medical Price Index (WCWMI) Quarterly Economics Briefing  Labor Market Insights   Mentioned: Donna Glenn, LinkedIn, NCCI Website Stephen Cooper, LinkedIn, NCCI Website Dr. Michel Leonard, CBE LinkedIn , Triple-I Website Marina Madsen LinkedIn , Triple-I Website   Say Hi: Insurance Information Institute