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 […]

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 […]

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 […]

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 […]