GITNUX MARKETDATA REPORT 2024

Workers Compensation Industry Statistics

Workers compensation industry statistics provide valuable insights into workplace injury claims, costs, and trends to help businesses, insurers, and regulators make informed decisions and improve safety practices.

With sources from: naic.org, cdc.gov, nasi.org, esfi.org and many more

Statistic 1

Workers' compensation insurance fraud costs insurers and employers up to $7.2 billion annually.

Statistic 2

Stress-related workers' comp claims are on the rise, accounting for 15% of all claims.

Statistic 3

The healthcare sector contributes 20% of all nonfatal workplace injuries.

Statistic 4

Approximately 2.8 million nonfatal workplace injuries and illnesses were reported by private industry employers in 2019.

Statistic 5

Around 5,250 workers died from work-related injuries in the U.S. in 2018.

Statistic 6

Overexertion injuries account for about 33% of workers’ compensation claims.

Statistic 7

Workers’ compensation insurance is compulsory in all U.S. states except Texas.

Statistic 8

The average direct cost of a workplace injury is nearly $40,000.

Statistic 9

39% of employers say managing the costs of workers' compensation is their biggest challenge.

Statistic 10

Musculoskeletal disorders account for nearly 30% of all workers' compensation claims.

Statistic 11

The highest workers' compensation claims come from the manufacturing and construction industries.

Statistic 12

The average time needed to process a workers’ compensation claim is about 20 days.

Statistic 13

The average workers' compensation claim cost for a slip-and-fall injury is about $22,000.

Statistic 14

22% of workplace slip-and-fall incidents resulted in more than 31 days off work.

Statistic 15

The workers' compensation market is set to grow at a CAGR of around 4% from 2020 to 2027.

Statistic 16

The National Academy of Social Insurance reported $62.8 billion in workers' compensation benefits paid in 2017.

Statistic 17

Workers' compensation insurance premiums in the United States total over $50 billion annually.

Statistic 18

Only 27% of small businesses are adequately prepared to handle workers' compensation claims.

Statistic 19

The days away from work due to injuries and illnesses was on average 8 days in 2019.

Statistic 20

California has the highest workers' compensation premiums in the United States.

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In this post, we will explore key statistics within the workers’ compensation industry that shed light on the significant financial costs, prevalent injury types, industry sectors most affected, and challenges faced by employers. From the staggering costs of insurance fraud to the rise in stress-related claims, these statistics unveil the complex landscape of workers’ compensation in the United States.

Statistic 1

"Workers' compensation insurance fraud costs insurers and employers up to $7.2 billion annually."

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Statistic 2

"Stress-related workers' comp claims are on the rise, accounting for 15% of all claims."

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Statistic 3

"The healthcare sector contributes 20% of all nonfatal workplace injuries."

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Statistic 4

"Approximately 2.8 million nonfatal workplace injuries and illnesses were reported by private industry employers in 2019."

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Statistic 5

"Around 5,250 workers died from work-related injuries in the U.S. in 2018."

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Statistic 6

"Overexertion injuries account for about 33% of workers’ compensation claims."

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Statistic 7

"Workers’ compensation insurance is compulsory in all U.S. states except Texas."

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Statistic 8

"The average direct cost of a workplace injury is nearly $40,000."

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Statistic 9

"39% of employers say managing the costs of workers' compensation is their biggest challenge."

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Statistic 10

"Musculoskeletal disorders account for nearly 30% of all workers' compensation claims."

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Statistic 11

"The highest workers' compensation claims come from the manufacturing and construction industries."

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Statistic 12

"The average time needed to process a workers’ compensation claim is about 20 days."

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Statistic 13

"The average workers' compensation claim cost for a slip-and-fall injury is about $22,000."

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Statistic 14

"22% of workplace slip-and-fall incidents resulted in more than 31 days off work."

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Statistic 15

"The workers' compensation market is set to grow at a CAGR of around 4% from 2020 to 2027."

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Statistic 16

"The National Academy of Social Insurance reported $62.8 billion in workers' compensation benefits paid in 2017."

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Statistic 17

"Workers' compensation insurance premiums in the United States total over $50 billion annually."

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Statistic 18

"Only 27% of small businesses are adequately prepared to handle workers' compensation claims."

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Statistic 19

"The days away from work due to injuries and illnesses was on average 8 days in 2019."

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Statistic 20

"California has the highest workers' compensation premiums in the United States."

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Interpretation

The workers' compensation industry faces significant challenges and complexities, as evidenced by the statistics presented. Fraudulent claims and rising stress-related cases strain insurers and employers financially, while overexertion injuries and musculoskeletal disorders continue to account for a substantial portion of claims. The high costs associated with workplace injuries, coupled with the varying trends across different industries and states, underscore the importance of effective management and preparedness. With the market projected to grow steadily, it is crucial for businesses to prioritize safety measures and compliance to mitigate risks and navigate the evolving landscape of workers' compensation.

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