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, …
Up and down the state investigators are filing charges against alleged workers’ comp cheats for not paying the entire premium they owe or receiving benefits they are not entitled to. Overall costs to the system are significant with loss estimates ranging north of $600,000 in avoided premiums for the owners of a roofing business and …
Major players in workers’ comp markets nationwide report that workers’ comp pricing trends are positive if not accelerating through the end of second-quarter 2011, and premium totals are being helped along by improving audit results. The increases did help to blunt negative overall property and casualty results. This spring’s catastrophic weather around the country hit …
State workers’ comp funds are a growing part of the market and can expect the same gloomy outlook for the remainder of 2010 as their private counterparts, workers’ comp analysts and state fund experts say. Even as their premiums shrink and better risks look for greener pastures, cash-strapped state legislatures look hungrily at these carriers …
California’s ongoing soft market for workers’ comp coverage and the depressed-economy crisis are taking their toll on the state’s largest carrier, which continues to shed premium by the bucketload. State Compensation Insurance Fund (SCIF) ended 2009 with its lowest market share number in years after shedding $500 million in premium in 2009, and first-quarter numbers …
According to CIGA actuarial projections of three years ago, its cash outlays would be in the $1.8 billion range for workers’ comp losses and expense costs between now and 2048. But new actuarial data have caused that figure to nearly double to $3.3 billion. It is a startling and very sobering development, which has the …
Fresh off a three-year gig with Governor Arnold Schwarzenegger as cabinet secretary and deputy chief of staff, Dan Dunmoyer has returned to the insurance fold at Farmers Insurance Company. He came on board officially this month as Farmers’ new senior vice president of state government relations. Besides reacquainting himself with this side once again, Dunmoyer …
Everyone knows that workers’ comp rates across the country have been in decline over the past two years. But the overhaul of California’s workers’ comp system enabled us to surpass a dozen other states—all of which started with a significant price advantage, according to the results of a nationwide study of rates. Every two years …