Happy Wednesday! In this week's Big I Buzz: Workers’ comp sees an increase in advanced medical practitioners. Plus, the pet insurance market continues to grow.

Comp Sees Increase in Advanced Medical Practitioners Treating Workers

The workers' compensation industry has seen a growing reliance on nurse practitioners and physician assistants for initial medical visits, largely due to physician shortages. According to a Workers Compensation Research Institute report, physician-led first visits dropped from 81% in 2013 to 60% in 2022, while visits with physician assistants and nurse practitioners nearly doubled. Despite provider shortages, the report found minimal impact on claim costs, disability duration, or types of care provided. The use of advanced practitioners varies by state, with higher reliance in Indiana, Nevada, New Mexico, and North Carolina. Rural areas also saw an increase, with nurse practitioners handling 26% of first visits in 2022. Read more here.

Growth of Pet Insurance Continues as Market Could Reach $4.5B

The pet insurance industry has experienced significant growth, with premiums reaching over $3.4 billion in the first three quarters of 2024 and projections suggesting a total of $4.5 billion for the year. This surge is attributed to rising veterinary costs and an increase in pet ownership; for instance, U.S. households owned 87.9 million dogs and 73.8 million cats in 2024. Notably, pet insurance now accounts for about 10% of the inland marine insurance market. However, the sector faces challenges due to escalating veterinary expenses, leading some insurers to adjust their policies. The market remains concentrated, with the top 10 insurers holding 90% of the market share. Read more here.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.