July 17, 2014 The request to increase the loss cost level by 6.8% filed by The New York Compensation Insurance Rating Board (NYCIRB) effective October 1st has been disapproved by the New York Department of Financial Services (DFS). Consequently, the current loss costs and rating values will remain in effect. As experts in workers […]
According to Business Insurance, rising prices and improving economic conditions buoyed the collective fortunes of the largest publicly traded insurance brokers during 2011. The article goes on to say that “Better prices hit brokers pretty quickly because, unlike insurance companies, (brokers) don't earn their commissions over time.” All this is great news for brokers who are […]
NCCI has requested a 6.4% increase in average loss costs in a filing with the Rhode Island Department of Business Regulation (DBR). NCCI requested that this increase be effective June 1, 2012 NCCI said Rhode Island lost time claims frequency remains the highest among Northeastern states, while claims severity remains the lowest in the region. […]
Brokers take note… According to a recent analysis released by MarketScout, workers comp experienced the greatest increase in rates in the month of February, compared to other lines of insurance. The 3% rise is in keeping with the consistent rise in premiums since the end of last year. Brokers must evaluate price vs. profit, meaning […]
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 […]
BROKER OPPORTUNITY!! Are you a broker that has placed business with The Hartford and seen clients' losses go up? Are you prospecting an account that has contributed to The Hartford's bad loss ratio? If you answered yes, then I see a big Broker opportunity here called Workers' Compensation Premium Recovery Service for Brokers. Knock down […]
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 […]
