Posts Tagged ‘NYCIRB has filed to increase workers’ compensation loss costs by 11.5% effective Oct. 1’

Travelers to Pay Premium Refunds; Joins ACE, Zurich, CNA, and PMA who Have Already Paid for Workers Comp Overcharged Premiums

Travelers Insurance Company will pay $10.5 million in refunds and penalties for violations of California insurance law. This is the same story all over again. This year it's Travelers in California. Last year, it was ACE, Zurich, CNA, PMA in New York. Brokers, there is plenty more money from these overcharges due to your clients. […]

MarketScout: Workers Comp Leading All lines of insurance with 5% increase in may

By Chad Hemenway, PropertyCasualty360.com June 6, 2012   MarketScout says the composite rate for commercial insurance placed in the U.S. in May was up 4 percent compared to the same month a year ago. In his comments on the month’s rate activity, Richard Kerr, chief executive officer of MarketScout, predicts additional increases in pricing for […]

Property casualty insurance market hardening but outlook hazy: Hines panelists

Business Insurance Sheena Harrison June 5, 2012 CHICAGO—The property/casualty insurance market is hardening, but it is unclear whether rate increases are here to stay, panelists said Monday during the 2012 Harold H. Hines Jr. Memorial Symposium. Three panelists discussed the evolving market and economic challenges during the symposium, titled “Navigating the Changing Marketplace.” About 150 […]

WCIRB California gets approval for 8% Hike in Pure Premium

Source: California Department of Insurance California Insurance Commissioner Dave Jones on Tuesday approved an advisory pure premium of $2.49 per $100 of payroll, effective July 1. The new advisory rate is 8.26% higher than the $2.30 rate that took effect Jan. 1. The Workers’ Compensation Insurance Rating Bureau recommended a rate of $2.51, but Jones […]

NYCIRB has filed to increase workers’ compensation loss costs by 11.5% effective Oct. 1, 2012

BREAKING NEWS IN NEW YORK: This is exciting news for brokers as premiums are on the rise again. However, there is a great danger here for brokers whose clients have poor experience because big jumps in premiums upon renewal sends clients shopping.  Are you a broker who has exhausted all value-added service to show client […]