The panel welcomed a delegation from NCCI, who outlined their role in setting loss costs and rates across 38 US states and shared insights into workers’ compensation trends. Discussions covered industry profitability, with a combined ratio of 86%, and rising claim severity driven by wage inflation and increased medical utilisation. The group explored mega claim development, predictive modelling and sector-specific frequency trends, including a notable rise in education-related incidents. California’s divergence in frequency and combined ratio was also noted. Medical cost inflation and utilisation patterns were examined, alongside the influence of fee schedules and provider behaviour. The panel reviewed financial results, including reserve redundancy estimates of $16bn, and discussed implications for reserving practices. The meeting concluded with a focus on continued collaboration to improve data quality and address emerging risks.