November 6, 2013 Connecticut regulators have approved the National Council on Compensation Insurance’s workers’ compensation filing for an overall 3.2% change for voluntary market advisory pure premium loss costs and an overall 5.7% change in assigned risk plan rates. NCCI filed its proposal in September. The changes will become effective January 1, 2014. Industries all […]
Business Insurance September 9, 2013 Commercial lines insurance prices continued their trend of steady increases during the second quarter of 2013, according to Towers Watson & Co.'s most recent Commercial Lines Insurance Pricing Survey, increasing by 6% over prices during the same period in 2012. The pricing information reported by insurers for this year's second […]
July 25, 2013 The New York State Insurance Fund has posted answers to frequently asked questions about the upcoming assessment changes in the 3rd edition of its 2013 quarterly newsletter. Some key points include: Although it seems that NYSIF’s assessment advantage was coming to an end because NYSIF is now required to pay assessments to […]
Business Insurance July 24, 2013 Commercial property/casualty pricing ticked upward in the second quarter of 2013, but at a slower rate than the beginning of the year, the Council of Insurance Agents & Brokers said. Property/casualty pricing for U.S.-based accounts rose at an average rate of 4.3% from April 1 to June 30, down from […]
July 16, 2013 The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013. The NYCIRB first filed an application on May 14, 2013, requesting a workers’ comp overall loss cost increase of 16.9 […]
July 11, 2013 PropertyCasualty360 The nation’s 20 state-run workers compensation funds showed strong growth for the second straight year, according to a new A.M. Best report. State funds accounted for 44 percent of total net premiums written in 2012, the report says. Net premiums written increased 7.1 percent in 2011 and 13.5 percent in 2012, […]
July 8, 2013 Business Insurance Commercial property/casualty insurance rates increased 5% on average for policies that renewed in June, according to a report issued by Dallas-based electronic insurance exchange MarketScout on Friday. Commercial automobile coverage and workers compensation each experienced rate increases of 6%. Commercial property, general liability, directors and officers liability and employment practices […]
Towers Watson June 10, 2013 Insurance carriers continue to report increases in commercial insurance prices, almost 7% in aggregate during the first quarter of 2013, according to the Commercial Lines Insurance Pricing Survey (CLIPS) conducted by Towers Watson (NYSE, NASDAQ: TW), a global professional services company. The results of the current edition of this survey […]
June 5, 2013 Business Insurance Average U.S. property/casualty insurance rates rose 5% in May, with small and midsize accounts seeing the biggest increases, Dallas-based electronic insurance exchange MarketScout said Wednesday. Commercial property, general liability and workers compensation lines saw the highest rate hikes last month, each at 6% year-over-year, according to MarketScout’s Market Barometer report. […]
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 […]
