Tagged in: workers’ comp

California Workers’ Comp Loss Ratio at 81%

According to the Bureau’s latest data, California’s workers’ compensation insurance carriers returned a pre-tax underwriting profit of nearly $2 billion last year. The 14% underwriting profit ratio is the third straight year of double-digit underwriting margins, but the results include State Fund’s numbers which adversely skew the results. The results sans State Fund are eye-popping. … Read More »

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Private Self-Insureds’ Results

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 … Read More »

MRI Provider Convicted On All 12 Counts In Kickback Scheme

A federal jury says Sam Sarkis Solakyan is guilty of engaging in an illegal kickback scheme that paid out nearly $9 million for referrals of workers’ comp claimants to his chain of magnetic resonance imaging (MRI) centers. The scheme allegedly racked up over $284 million in illegal charges to carriers. The eight-day trial ended with … Read More »

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The Case For a Workers’ Comp Rate Cut

The insurance industry officially asked Insurance Commissioner Ricardo Lara to approve a 2.7% hike in California’s advisory workers’ comp pure premium rates as of September 1, 2021. Employers are backing an alternative recommendation for an 8.2% decrease based on the analysis by actuary Mark Priven of Bickmore on behalf of the public members to the … Read More »

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Market Hardening for Excess Workers’ Comp

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 … Read More »

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Unfiled Side Agreements Found Illegal And Void

The California Department of Insurance ruled an Indiana insurance carrier cannot enforce the terms of the collateral and indemnity agreements that were part of a large deductible workers’ comp program. The carrier did not file the side agreements for approval before they were used. The ruling stems from a dispute between Protective Insurance, formerly Baldwin … Read More »

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Workers’ Comp Bills Clear House Of Origin Before Deadline

California legislators advanced one bill that would sharply curtail the amount of time employers have to investigate workers’ comp claims and passed two others that expand the state’s presumptions that certain conditions are industrially caused. However, a third presumption measure for the healthcare sector and COVID-19 failed to clear the Senate before the June 4th … Read More »

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