Perhaps it was the shock of getting my AARP membership offer in the mail recently, but I've been thinking a lot about our aging population. If you believe auto insurers will have it tough covering elderly drivers with failing reflexes, vision and hearing, imagine what challenges await workers' compensation carriers as the Baby Boom generation goes bust!
The only consolation for underwriters might be that they are not alone. Unlike with coverage for individual drivers, insurers get to share the responsibility for limiting the hazards facing our exploding senior population with risk managers.
In the second part of his speech on "The Effect Of The Aging Population On The Property-Casualty Insurance Industry" during the National Underwriter Company's recent P-C Executive Conference, Steven Weisbart, vice president and chief economist for the Insurance Information Institute, talked about the problems and opportunities workers' comp carriers and their commercial policyholders will face before too long in dealing with older employees.
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