Latest Trends in Worker Demographics
Barry Lipton, FCAS, MAAA, Practice Leader & Senior Actuary
In addition to the core presentations at
AIS Virtual, this
AIS Highlights Report includes new bonus content from NCCI research experts.
This video from Barry Lipton, a frequent presenter at our
Annual Issues Symposium, explores the characteristics of a post-coronavirus workforce.
Worker churn and the aging US workforce are creating new dynamics that require vigilance from stakeholders in the workers compensation system.
Lipton explains that people ages 25–44 and 65 and older are projected to be the fastest-growing segments of the workforce. It is expected that workers 65+ will make up 10% of workers by 2028, up from 6% in 2018.
Lipton provides insights pertinent to claims, underwriting, and loss prevention to highlight how demographics are changing for employees, employers, and carriers.
- The frequency of injury has risen for workers 65 and older during the past two years.
- Older workers typically lose more time for work-related injuries than younger workers; 14 days compared with the workforce median of eight days.
- Short-tenured workers suffer a disproportionate share of injuries. Employees with less than a year on the job account for one-third of all injuries, while representing only 20% of the workforce.