The cost of employee compensation insurance for Massachusetts employers could rise dramatically later this year if rates proposed by insurers are approved by state regulators. The Workers’ Compensation Rating and Inspection Bureau of Massachusetts, which represents companies that write workers’ compensation polices, asked the state to approve an average rate increase of 19.3 percent. Most […]

Check out this article by the Workers’ Compensation Policy Institute.  According to a study by The Workers’ Compensation Policy Institute, New York employers pay an added workers’ compensation surcharge nearly five times the average of that in other states. New York’s workers’ compensation surcharge is currently 20.2%, more than double of its nearest competitor Minnesota […]

Robert Hartwig, President of the Insurance Industry Institute (I.I.I.) weighs in with great news for workers' compensation brokers. Energy, natural resources, agriculture, health care, and transportation and infrastructure are at the beginning stages as the country’s newest growth engines, Hartwig says. “And many insurers would find that they are underexposed to these sectors,” Hartwig says. The […]

The New York Rating Board approved an increase in the split point from the current $5,000 to at least $15,000 in several steps, with the first step to be set at $10,000 effective October 1, 2013. Further research was recommended to determine appropriate split points subsequent to that date. New York  is making these changes […]

YES!! Workers' Comp RATES are UP in 2012.  See attached article from Business Insurance here.

 BROKERS that focus on providing  value-added services to medium & large Workers’ Comp accounts will see fatter commissions in 2012!!  Rates are going up, Premiums are going up, value is counting way more and is paying off 7.5% more per the attached article from Business Insurance here .

 Good news for brokers!  We are heading toward a HARD MARKET in 2012  The workers’ compensation soft market that has kept premium rates low is “firming” in the new year, according to field experts.  According to Robert Hartwig of the Insurance Information Institute, the national average combined ratio in 2009 was about 118%, meaning carriers […]

“As 2012 begins, the workers’ compensation market is turning back toward increased costs and reduced capacity. this presents challenges, from explaining rate increases to finding a home for clients. Learn how to take action.” I always tell brokers if you provide value-added services to your clients it will pay off in so many ways when […]

Here is a piece from the attached article: “However, while rates are hardening, loss costs also continue to rise. Our view is that until rate increases exceed loss cost inflation, we will not be in a market where insurance company results can improve and we start to enter a real hard market.” In other words,  […]

Trust…Trust…Trust… has no Trust.  So if your client has been out of a trust for a few years, find ways to reduce and recover overcharges on their current premiums because I’m sure they would like their money back to pay off these assessments! Businesses across New York State could be facing judgments or shutdowns at […]