Workers’ Comp is the Most Profitable Line

“Workers’ compensation continues to be the most profitable line” in the property and casualty sector, says Donna Glenn, chief actuary for the National Council on Compensation Insurance. Glenn delivered the message as part of the rating agency’s annual State of the Line report.  It shows the industry not only weathered the economic fallout from the … Read More »

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Workers’ Comp Insurers Are Wildly Profitable

Industry experts say workers’ comp written premium ended up being down some 8.1% in 2020 compared to the prior year. They predict that the sector will remain profitable with an 86% combined loss ratio.  Officials from the National Council on Compensation Insurance note that the combined ratio, if it holds, and it is likely to, … Read More »

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CDI Hearing Officer Recommended COVID-19 Surcharge

Insurance Commissioner Ricardo Lara bucked both the insurance industry and his own Department in rejecting a plan for California’s already stressed insured employers to pay more in workers’ comp premium next year to cover COVID-19 related workers’ comp claims. California workers’ compensation remains quite profitable for carriers. COVID claims make up only 9% of the … Read More »

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Mega Claims in Workers’ Comp At 12-Year High

A new nationwide study looking into workers’ comp claims that have incurred losses of $3 million or more finds that such “mega claims” are becoming more prevalent and more expensive over time. Advances in medical care are allowing more injured workers to survive accidents that, in the past, likely would have resulted in death, but … Read More »

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New Telecommuter Class Rate Set

The Workers’ Compensation Insurance Rating Bureau will make it official later this month when it files to apply the 8810 clerical class’ rate to the proposed new 8871 class for workers that telecommute at least 50% of the time. The action rejects an earlier request from California employers to follow the lead of other states … Read More »

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WCIRB Disappoints on Telecommuter Rate

The Workers’ Compensation Insurance Rating Bureau’s Governing Committee approved a filing creating a new 8871 classification — for clerical employees who work remotely. Still, its staff effectively side-stepped a call from employers, and Workers’ Comp Executive, to have a lower rate apply now to the new classification. WCIRB is proceeding with plans to have the … Read More »

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State of the Line

Nationally, the workers’ comp industry finished 2019 in a strong financial position.  It experienced a calendar year combined ratio of 85, which marked the sixth year in a row that it was under 100, according to the annual State of the Line report compiled by the National Council on Compensation Insurance. The line’s profitability is … Read More »

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Coronavirus Presumption Could Cost California Employers $2.2B To $33.6B

Creating a conclusive presumption that any essential employee that contracts coronavirus did so in the course of their employment could cost the California workers’ comp system up to $33.6 billion, according to an early estimate by the Workers’ Compensation Insurance Rating Bureau. Any estimates at this point could be highly politicalized and must be reviewed … Read More »

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