Barrett Business Services Inc. (Nasdaq: BBSI) says it could save up to $20 million a year on a new, fully insured workers’ comp program. It also warns that the program could end up costing it an additional $7.5 million if its experience is worse than expected. Company officials say this look back to review its …
Private employers that self-insure their workers’ compensation liabilities saw an uptick in claims and workers’ comp costs last year compared to 2019. Self-insured employers saw paid indemnity benefits increase by $25 million to a five-year high of $135 million. In comparison, medical costs dropped by $10 million to $132 million, according to the latest summary …
California’s excess workers’ comp market was relatively steady last year at just over $200 million in written premium by the same 19 carrier groups that wrote business the prior year. Beyond the topline number, however, there were significant changes. Two carriers cut back sharply. Excess workers’ comp coverage is bought by self-insured employers, self-insured public …
The alternative security program (ASP) run by the Self-Insurers’ Security Fund is covering $6.5 billion in security deposits for 365 self-insured private employers for the 2020/21 program year. It does so without the members posting security deposits. The total amount covered by the ASP is down roughly $100 million from last year in spite of …
California’s private employers that self-insure their workers’ compensation obligation saw their number of claims increase for the fifth year in a row (see chart below). But not all of the increase is due to the higher employment levels during the five-year period. According to data released by the Office of Self-Insurance Plans, there were 3.7 …
The statewide stay-at-home orders that California has been operating under since March is having a dramatic impact on workers’ comp claims for the state’s self-insured school districts and municipalities. Actuaries for these self-insured public entities say that claims from public school workers were down 84% in April compared to historical norms, while municipalities saw decreases …
Private self-insured employers in California workers’ comp collectively are seeing an increased number of claims, but they decreased future liabilities last year. Somewhat counterintuitively, for the third year in a row, the number of new claims reported increased. All of this comes against a backdrop of stagnant employment numbers. Total employment was 2,259,451 in 2015 …
California’s market for excess workers’ comp coverage expanded slightly in 2018 to once again top $200 million in written premium. Overall, excess carriers wrote $209 million in premium last year. The total is up from the $195 million written in 2017 but still far below the $243 million recorded in 2016. Brokers active in the …