Robots don’t need workers’ comp coverage

While millions of new hires over the past few years have bolstered the balance sheets of workers comp insurers, seismic shifts in the labor force and turbocharged automation may be putting carriers at serious risk of disruption.

By Sam J. Friedman | Updated on November 11, 2016

While millions of new hires over the past few years of economic recovery have bolstered the balance sheets of workers’ compensation insurers, seismic shifts in the labor force and turbocharged automation may be putting one of the property and casualty industry’s biggest premium generators at serious risk of disruption.

Indeed, two existential questions confront insurers that could prompt fundamental changes in their exposure base and business model. First, what is the place of workers’ comp in a world where more and more people are likely to lose their jobs to machines, and the very nature of work is changing as a result? Second, are insurers prepared to evolve along with the rapidly changing labor markets they cover?

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