Business Insurance

July 25, 2012

Workers compensation insurance prices rose about 9% during the second quarter, Liberty Mutual Group Insurance's President and CEO David H. Long said today during a quarterly results teleconference.

And the insurer is still seeking price increases across all its commercial-lines business “led by workers comp and property,” Mr. Long said.

“I have said it before, much more is needed for us and for the industry to become profitable in that line,” he said.

His statements are just one more confirmation that you can expect workers compensation renewal pricing to continue trending up.

Workers comp pricing is on the rise. A recent blog shows state insurance funds are picking up more business. What does this mean? Brokers that can't stay competative in this marketplace will either lose clients to other brokers or to state insurance funds. The easiest way for a broker to help his/her client have a better underwriting profile in the renewal marketplace and to offer his/her clients additional services to show them that they are interested in saving them money is workers compensation premium recovery.