October 16, 2017

PCI Elects New Officers to Board of Governors

Chicago, IL – The Property Casualty Insurers Association of America (PCI) recently elected new officers to its Board of Governors during the association’s annual meeting. Kurt Bock, CEO, COUNTRY Financial was elected as PCI’s chair; Pete McPartland, chairman of the board, president and CEO, Sentry Insurance was elected first vice chair; and Jim Brannen, CEO, FBL Financial Group was elected second vice chair. “We are thrilled that Kurt will be taking the wheel of PCI…[Continue Reading]

NCCI Releases Q3 2017 Quarterly Economics Briefing

Boca Raton, FL – NCCI recently announced the release of the Q3 2017 edition of its Quarterly Economics Briefing, which examines the current state of the economy and implications for workers compensation insurance. Key takeaways from this edition include: 2017 and 2018 employment growth is expected to be lower than in recent years, low unemployment has not translated into faster wage growth, interest rates have increased this year and are expected to rise more in 2018…[Continue Reading]

WCRI Video: A Discussion Worth Watching

Boca Raton, FL – WCRI recent announced that as it puts together the agenda for next year’s WCRI Annual Issues & Research Conference (March 22 and 23, 2018, in Boston, MA), it would share an example of a session from its last annual conference. The session was on the current state of the workers’ compensation system or “Grand Bargain,” specifically whether it is working or needs revisiting and what the future holds for the 100-year-old system. The panel was moderated by WCRI’s President…[Continue Reading]

NASI Study: Workers’ Compensation Costs and Benefits Decline as a Share of Payroll

Washington, DC – Workers’ compensation employer costs as a share of payroll declined in 2015, reversing a four-year trend, and benefits as a share of payroll fell for the fourth straight year, according to a new report from the National Academy of Social Insurance. As the economic recovery has spurred growth in employment and a corresponding increase in employees covered by workers’ compensation, benefits per $100 of payroll fell from $0.92 in 2014 to $0.86 in 2015—the lowest level since 1980…[Continue Reading]

Workers’ Comp Benchmarking Study Group Releases White Paper on How Claims Teams Can Achieve Mastery

Chicago, IL – The highest percentage of claims leaders (46 percent) surveyed in Rising Medical Solutions’ 2017 Workers’ Compensation Benchmarking Study believe adjusters become expert at claims management within four to six years on the job. This begs the question, what makes a claims expert and how do adjusters become one? A new white paper, co-authored by study program director Rachel Fikes and industry journalist Peter Rousmaniere, examines strategies for achieving peak adjuster…[Continue Reading]

CWCI Schedules to Hold Webinars on California’s MTUS Formulary

Oakland, CA – The California Workers’ Compensation Institute (CWCI) will conduct a webinar from 10:00 to 11:30 a.m. PT on October 4 to help workers’ comp claims, medical and legal professionals gear up for the January 1 implementation of the new Medical Treatment Utilization Schedule (MTUS) Drug Formulary mandated by AB 1124. The clock is ticking down to the January 1, 2018 effective date for the Formulary, so once the regulations are adopted, stakeholders will need to get up to speed…[Continue Reading]

Best’s Special Report: Workers’ Comp Industry Records Record Premiums in 2016 Despite Potential for Disruption

Oldwick, NJ -(BusinessWire)- The U.S. workers’ compensation sector reported a record high $58.5 billion in direct premiums written in 2016 despite economic, regulatory and legal issues that threaten to reshape the market, according to a new A.M. Best special report. The Best’s Special Report, titled, “Workers’ Compensation: Costs, Legal Activity and Employment Rolls Are Increasing—But So Are Profits,” states that despite the record premiums, year-over-year growth slowed…[Continue Reading]

CA WCIRB Releases Report on 2nd Quarter 2017 Insurer Experience

Oakland, CA – The WCIRB has completed its report on statewide workers’ compensation insurer loss and premium experience through June 30, 2017. The major findings of the report include: California written premium (gross of deductible credits) for the first half of 2017 is $9.1 billion, which is 4% below the written premium reported for the first half of 2016. The projected industry average charged rate per $100 of payroll for policies incepting between January 1, 2017 and June 30, 2017 is $2.52, which is…[Continue Reading]

WCRI Announces Webinar to Discuss Latest Opioid Research

Cambridge, MA – The Workers Compensation Research Institute (WCRI) recently announced that it will hold a one-hour webinar on Thursday, September 28, 2017 at 2 p.m. ET (1 p.m. CT, 12 p.m. MT, and 11 a.m. PT) to discuss its latest research on interstate variations and trends in the prescribing of opioids for workplace injuries. “Our research shows that over 70 percent of more-severely injured workers with pain medication received opioids in the majority of study states,” said John Ruser…[Continue Reading]

Willis Towers Watson: Commercial Insurance Prices Remain Nearly Flat in Q2 2017

Artlington, VA – Commercial insurance prices in the U.S. were again nearly flat during the second quarter of 2017, according to leading global advisory, broking and solutions company Willis Towers Watson’s (NASDAQ: WLTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies written during the second quarter of 2017 with those charged for the same coverage during the equivalent quarter in 2016. Price changes reported by carriers averaged…[Continue Reading]

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