The National Association of Insurance Commissioners (NAIC) released its initial market share report for 2022. The most interesting statistics show that the ten largest workers’ comp carriers accounted for 44.03% of the national market, up nearly 1% from 2021. The next 15 carrier groups, ranked by volume, together wrote 22.7%. Together the top 25 groups …
Workers’ compensation carriers in California and nationally continue to generate hefty profits even as workers’ comp rates fall to historically low levels. A new report by the National Association of Insurance Commissioners (NAIC) shows that carriers nationwide reported an average profit of 20% of their earned premiums in the most recent year. In comparison, California …
The Workers’ Compensation Insurance Rating Bureau will soon be making its regulatory filing for new rates effective with September 1, 2023, policies. The filing will include new classification relativity sheets that ultimately impact each class’s advisory pure premium rate, as well as the expected loss rates that affect employers’ X-Mods. “The class relativities are meant …
The workers’ comp market is on an unprecedented run with employers paying rates that are the lowest seen since the early 1970s. One major carrier, however, sees a hardening market on the horizon. “From my perspective, based on what I see and I believe my colleagues’ perspective is that comp is likely going to continue …
Welcome to 2023. Workers’ Comp Executive starts each new year with a look back at the biggest stories affecting the California workers’ comp industry from the prior twelve months. In many ways, the biggest stories of 2022 were a continuation of themes from previous years. Covid-19 and its legal consequences remained an issue. So to …
How could the legal fight over Proposition 22 and independent contractors impact employers’ ability to protect the workers’ comp system? Columnist Mark Webb has some thought on the possible unintended consequences of the case. New data from the Office of Self-Insurance Plans shows that public self-insured agencies experienced a spike in workers’ comp claims in …
California slipped from fourth most expensive state to third most costly in the latest biennial report on workers’ comp costs by the Oregon Department of Consumer and Business Services. The controversial report, which uses a weighted index based on the mix of business prevalent in Oregon and is a recruiting marketing tool, dubs New Jersey …
The Department of Industrial Relations’ annual assessments on California employers is now over $1.5 billion – a $191 million or 13.9% increase from the assessments for 2022. The assessments, together, …