Not waiting for whatever decision California Insurance Commissioner Steve Poizner issues regarding a mid-year rate increase, several workers’ comp carriers have filed new rates. The carriers have crunched their own numbers and they are well below of the 23.7% recommended by the Workers’ Compensation Insurance Rating Bureau. This could portend a continuing completive market, a …
After a long fast, one old name in California workers’ comp is said to be regaining its appetite for risk in the Golden State. Two new companies are looking for a seat at the table. And yet another carrier that feasted heavily at the California workers’ comp buffet in the immediate post-reform era has exited …
Early fourth-quarter returns from major workers’ comp carriers are coming in and the news is depressing, but not surprising in light of overall economic conditions. Not only are written premiums off but combined ratios continue to rise while investment earnings disappear. Notable among recent releases was news that Zenith National Insurance Corp.’s (NYSE: ZNT) fourth-quarter …
The national unemployment rate is now 7.2% and California’s is even higher, officially at 9.3%, making it the fourth-highest unemployment rate in the nation and the highest the Golden State has seen in more than a decade. And all indications are that it’s only going to get worse. Which leads to the question: With so …
California Insurance Commissioner and gubernatorial candidate Steve Poizner is rolling back the fees and special assessments that his department places on carriers and producers in a bid to lessen the economic pressures on small businesses in these troubling times. The move follows a 10% reduction in the California Department of Insurance’s operating budget that Poizner …
Now in the final quarter of the year, Insurance Commissioner Steve Poizner is expected to take a position on the Workers’ Compensation Insurance Rating Bureau’s recommendation that he raise the pure premium advisory rate 16% for policies incepting or renewing as of January 1, 2009. And thought it’s expected that his recommendation will come in …
Insurance carriers and employers expect the new permanent disability rating schedule to boost costs by hundreds of millions of dollars after it takes effect in January 2009. Employers also expect a surge in claims for injuries that have gotten an increase in future earning capacity. The result will be increased rates. Employers are counting on …
Liberty’s Purchase of Safeco: Issues Liberty Mutual has announced its acquisition of Safeco, one of the venerable agency carriers. Analysts have mixed opinions about the deal. Other deals are in …