Workers compensation is the largest premium segment in the U.S. commercial insurance market. Workers compensation, mandated by law in 49 U.S. states to provide employer reimbursements for injuries occurring in the course of employment, represents one of the largest nondiscretionary expenses for labor-centric firms.
Yet these premiums are dwarfed by the overall cost of occupational injuries and illnesses, estimated at USD 250 billion in 2012 by a UC Davis researcher. This figure far exceeds the direct and indirect costs of cancer, diabetes or strokes, according to Leslie Chacko, Managing Director of Digital, Technology and Innovation at Marsh & McLennan Solutions and Lars Skari Co-Founder of AltumAi.
