MarketScout, the Dallas-based electronic insurance exchange, reported the largest rate increase in April was for workers’ compensation at 4%, while general liability rates rose 3%. This seems to be in line with the ongoing trend. It would be hard to see rates not increasing when insurance companies are reporting no investment income, as well as […]
The NCCI released its Workers Compensation Issues Report May 3, 2012, outlining the challenges that the Workers Compensation market continues to face. What particularly stands out in the report is the increase in injury claims frequency in 2010 for the first time in 13 years. After adjusting the data for certain distortions, which initially showed […]
Conning Research and Consulting says in its “Workers’ Compensation: A Bumpy Road from Recession to Recovery” that with the current investment environment working against workers’ compensation insurers, companies may be pressured into a harder market as they try to achieve underwriting profits in a line that has not had a combined ratio under 100 since […]
Earlier this month when MarketScout released its commercial insurance rates for March, Workers Compensation, along with Property, led the market with increases. Workers Comp rates increased by 4%, continuing the trend upward since late last year. National brokerage Willis confirms the rising rates, stating that about 90% of insureds are seeing rate increases on renewal, […]
According to Business Insurance, rising prices and improving economic conditions buoyed the collective fortunes of the largest publicly traded insurance brokers during 2011. The article goes on to say that “Better prices hit brokers pretty quickly because, unlike insurance companies, (brokers) don't earn their commissions over time.” All this is great news for brokers who are […]
NCCI has requested a 6.4% increase in average loss costs in a filing with the Rhode Island Department of Business Regulation (DBR). NCCI requested that this increase be effective June 1, 2012 NCCI said Rhode Island lost time claims frequency remains the highest among Northeastern states, while claims severity remains the lowest in the region. […]
Brokers take note… According to a recent analysis released by MarketScout, workers comp experienced the greatest increase in rates in the month of February, compared to other lines of insurance. The 3% rise is in keeping with the consistent rise in premiums since the end of last year. Brokers must evaluate price vs. profit, meaning […]
Check out this article by the Workers’ Compensation Policy Institute. According to a study by The Workers’ Compensation Policy Institute, New York employers pay an added workers’ compensation surcharge nearly five times the average of that in other states. New York’s workers’ compensation surcharge is currently 20.2%, more than double of its nearest competitor Minnesota […]
