NCCI preliminary research challenges some long-standing negative perceptions about Professional Employment Organizations (PEOs). Authored by NCCI Chief Economist Harry Shuford and presented at the 2013 Annual Issues Symposium, the report concludes that PEO claims experience as measured by loss ratios or claim costs relative to premium was no worse and was typically better than that […]
May 30, 2013 The New York State Workers' Compensation Board announced on May 28 efforts to promote PPD classifications to clear a backlog of claims awaiting a finding of permanent partial disability and is threatening fines and other actions against parties who drag out the process. The new plan calls for WCB’s judges to evaluate […]
May 24, 2013 According to NCCI, growth within the workers compensation residual market pool is continuing. There was an $800,000 increase in premiums in 2012 after a $500,000 increase in 2011. Overall growth is continuing so far in 2013. NCCI, which consists of 21 states, claims that the interest rate environment is the underlying cause […]
May 22, 2013 According to the 96th annual report released last week by the New Jersey Compensation Rating and Inspection Bureau (NJCRIB), New Jersey’s residual market increased by 10.1% and the assigned-risk premiums increased by 42% in 2012. Furthermore, rates in the New Jersey voluntary market continue to increase in 2013 as the 8.3% increase […]
New York Compensation Rating Board has filed its annual loss-cost filing with the state Department of Financial Services, requesting a 16.9% increase in workers' compensation loss costs, effective on October 1, 2013. NYCIRB and DFS are not providing any further details on the filing until they “have a chance to study it and announce the […]
May 2, 2012 Yesterday, NYCIRB Chief Actuary Ziv Kimmel said in an announcement that, effective October 1, 2013, New York Compensation Insurance Rating Board will increase the split point from $5,000 to $10,000. New York Financial Services Superintendent Benjamin Lawsky has approved a change in the split point used by the New York Compensation Insurance […]
April 10, 2013 A.M. Best Company, Inc. The Property Casualty Insurers Association of America disputes New York Gov. Andrew Cuomo's claim that workers' compensation reforms would save employers about $800 million in costs, saying instead that the elimination of the Reopened Cases Fund will trigger a cost increase. Cuomo commented on the recently passed 2013 […]
MarketScout April 8, 2013 Based upon the composite results of commercial business placed across the United States in March 2013, placing accounts that command large premiums no longer assures the buyer of a more aggressive pricing strategy. Richard Kerr, CEO of MarketScout confirmed the results noting, "Historically, underwriters have been very aggressive in pricing name […]
Insurance Journal March 12, 2013 Commercial insurance prices rose by almost seven percent in aggregate during the fourth quarter of 2012, marking the eighth consecutive quarter of price increases and the fourth showing increases across every line surveyed, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) . The survey, conducted by Towers Watson, […]
