Vermont is one of six states in the eight-state Northeastern Zone that have seen recommendations for lost cost increases by NCCI. New York saw the biggest jump in the region, approving a 9.1% increase, effective on Oct. 1. New Jersey and New Hampshire also saw increases, and NCCI has requested increases in Connecticut and Rhode […]
The way I see it—Brokers have been getting very nice pricing out of AIG. For example in NY brokers have taken business from SIF many times with AIG. So if AIG feels they can raise Workers Comp’ premiums——The market is really turning. See Wall Street Journal article here: AIG’s Chartis Raising Rates, Allowing Rivals To Follow
THE MARKET IS TURNING. After six years and eight months, the soft market cycle has finally broken,” Richard Kerr, CEO of the Dallas-based electronic insurance exchange, said in a statement. “November 2011 is the first composite rate increase since the soft market began in February 2005.” See article from Business Insurance U.S. property/casualty composite rates […]
Question: HOW ARE THEY DOING BETTER THAN EVERYONE ELSE? Will the Loss Costs decrease really affect pricing given that in PA a broker/carrier can use schedule credits or debits? The PCRB has submitted to the Pennsylvania Insurance Department a filing of Pennsylvania loss costs, with a proposed effective date of April 1, 2012. That filing proposes […]
When I read this article by Insurance Journal, I see opportunity for brokers– YES broker opportunity. The way I read it: Employers are more and more going to be looking for value-added services that will help reduce higher workers’ comp costs. A broker can: A) Get new accounts by offering workers’ comp services to help keep losses down. […]
Check out this posting by DePaolo’s Work Comp World Oregon Department of Consumer & Business Services biennial report on ranking of state’s cost of workers’ compensation to measure how one state compares to other states. Connecticut was ranked as the sixth most expensive workers’ compensation market in the country in the 2010 Oregon biennial report, […]
There is real frustration about the fact that the New York State Insurance Fund’s assessment charges are 10.1 vs. 20.2 for private carriers! Surprise, Included in the 2007 NY workers comp reform laws was a cap on the amount of PPD benefits for claimants after March 2007 and required private insurers to deposit lump-sum PPD benefits into the state […]
