One-third of all workplace injuries happen to workers who are in their first year on the job with that employer, say researchers at a major workers’ compensation insurance carrier. How much industry experience the worker had with other employers was immaterial to the outcome. The other key finding was that the worker’s age was a …
The Senate Labor, Public Employee, and Retirement Committee passed a bill authored by the Committee’s chairman to study gender equity issues in the California workers’ comp system. The bill, SB 631, would have the University of California, Berkeley’s Labor Center perform an analysis, but the pressure is on to have the study go through the …
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 …
New data from the Office of Self-Insurance Plans shows that public self-insured agencies experienced a spike in workers’ comp claims in the fiscal year from July 2021, through June 2022, particularly in claims involving lost time. Total costs also climbed to $2.75 billion. Public agencies have unique exposures in that they have the preponderance of …