Risk & Insurance August 23, 2012 Net premiums written by state funds increased more than 7 percent in 2011. The market is likely to see more significant growth than the rest of the workers' comp industry this year, according to a new analysis from A.M. Best. State funds typically serve as guaranteed markets for companies […]
PropertyCasualty360 August 20, 2012 The 2012 edition of the National Council on Compensation Insurance’s (NCCI) annual State of the Line report, evaluating Workers’ Compensation fundamentals and conditions, reveals a market characterized by a number of countervailing indicators as to its forward trajectory. In some ways, we are seeing improved conditions in the Workers’ Comp space […]
Risk & Insurance – August 2012 Where workers' comp rates were up an average 5 percent in May, they increased by just 4 percent in June. Kerr commented on the rate moderation noted for June. "Accounts with class codes related to high-hazard exposures are being assessed considerable rate increases of plus 7 percent to plus […]
Business Insurance August 13, 2012 SPRINGFIELD, Ill.—NCCI Holdings Inc. has asked the Illinois Department of Insurance to consider a 3.8% decrease in advisory workers compensation rates for 2013, the department said in a statement Friday. In a description of its rate filing, Boca Raton, Fla.-based NCCI said Illinois has seen a decrease in average comp […]
WorkCompCentral recently had an article about the New York workers compensation system that is mired in high costs and is struggling to find sensible reforms. Here are some highlights: The New York workers compensation system is driven by needless litigation, hamstrung by resistance to change and run by a board made up mostly of political […]
Florida Insurance Commissioner Kevin McCarty became the 39th state regulator to approve NCCI's plan on July 6. The plan would double the $5,000 "split point" NCCI now applies to injured workers' claims, effective next January, as the first phase of a three-year plan to increase the split point to an estimated $15,000 in 2015. This […]
Business Insurance August 6, 2012 Commercial property/casualty insurance rates continued to rise in July, increasing 4% on average compared with those of a year earlier, according to a report released Monday by MarketScout. According to the Dallas-based electronic insurance exchange, commercial property rates registered the greatest increase at 6%, compared with those of July 2011. […]
August 6, 2012 According to the state-chartered carrier's annual report on Friday, New York State Insurance Fund increased its share of the marketplace from 31% in 2010 to 38% in 2011, although its net income dropped drastically from $400.4 million in 2010 to $5.4 million in 2011. NYSIF reported a $539.7 million underwriting loss while […]
PropertyCasualty360 July 31, 2012 A survey of property and casualty insurance brokers lends further evidence that rates are continuing to move upward, but experts still doubt whether a hard market is on the way, and some question the current environment’s momentum. The Council of Insurance Agents & Brokers released its second-quarter Commercial Property and Casualty […]
