Downers Grove, IL – Coventry recently released part two of the 2019 edition of its Annual Drug Trends Series Report. In part two of its workers’ compensation drug trends series, Coventry provides analysis on the trends experienced within its combined in-network and out-of-network channels to address the total view of prescription activity. As with part… [Read more]
Association, Rating & Research News
NYCIRB Releases Research Brief on COVID-19 Impact on State’s Workers’ Comp System
New York, NY – The New York Compensation Insurance Rating Board recently announced its release of a new Research Brief on the COVID-19 pandemic’s impact on the New York State workers’ compensation system. New York State’s unique experience has been driven by the breadth of virus transmission throughout its downstate metropolitan region, New York City,… [Read more]
myMatrixx Releases 2019 Workers’ Comp Drug Trend Report
St. Louis, MO – Workers’ compensation pharmacy spending decreased by 6.1% in 2019, according to new data released by myMatrixx. Through customized solutions that focus on patient safety and clinical care, myMatrixx provides monitoring and clinical intervention at all phases during the life of a workers’ compensation claim. “Helping our clients balance appropriate care for… [Read more]
NCCI Releases Report Update on Motor Vehicle Accidents in Workers’ Compensation
Boca Raton, FL – NCCI recently released a new Insights update to its 2018 research brief titled “Motor Vehicle Accidents in Workers Compensation,” which examined the frequency and severity of motor vehicle accidents (MVA) from 2000 to 2016. The brief noted that frequency decreased for both MVAs and all claims from 2000 to 2011. However,… [Read more]
Best’s Commentary: Expansion of WC to COVID-19 Exposure would be Credit Negative for Insurers
Oldwick, NJ -(BusinessWire)- Legislative changes allowing workers’ compensation coverage due to COVID-19 will result in an increase in loss estimates and a potential earnings hit for the insurance companies writing this business, according to a new AM Best commentary. The Best’s Commentary, titled, “COVID-19: Expansion of State Workers’ Compensation Laws Will Be Credit Negative for… [Read more]
WCRI Report: Spending for Dermatological Drugs Increased While Compounds and Opioids Decreased
Cambridge, MA – A new FlashReport from the Workers Compensation Research Institute (WCRI) recently found that dermatological drugs have become a more prominent share of prescription payments in many states. Payment shares for dermatologicals increased by more than 10 percentage points over a three-year period from the first quarter of 2016 to the first quarter… [Read more]
Health Strategy Associates Publishes Results of 2nd COVID-19 Workers’ Comp Impact Survey
Skaneateles, NY – Workers’ compensation professionals anticipate a 20 percent overall decrease in the number of new injury claims this year, according to Health Strategy Associates’ “The Impact of COVID-19 and Employment Changes on Workers’ Compensation: A Follow-up Survey of Payers and Service Providers.” Conducted in late May, the survey assessed perspectives, programs, and expectations… [Read more]
CA WCIRB Releases Report on Losses and Expenses for Calendar Year 2019
Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently released its report on workers’ compensation losses and expenses for 2019. The report is prepared annually pursuant to Section 11759.1 of the California Insurance Code. Key findings include: Medical losses paid in 2019 were $4.6 billion, or 55 percent of total loss… [Read more]
NCCI Releases Q2 2020 Quarterly Economics Briefing
Boca Raton, FL – The National Council on Compensation Insurance (NCCI) recently released its Quarterly Economics Briefing for Q2 2020. This edition delivers two reports on how the coronavirus (COVID-19) pandemic has affected employment. Job Losses During the Coronavirus Pandemic, February to May 2020 The coronavirus pandemic has caused layoffs on a scale unprecedented in… [Read more]
AM Best Affirms Credit Ratings of AMERISAFE, Inc. and Operating Subsidiaries
Oldwick, NJ -(BusinessWire)- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of American Interstate Insurance Company (Omaha, NE), Silver Oak Casualty, Inc. (Omaha, NE) and American Interstate Insurance Company of Texas (Austin, TX) (collectively referred to as AMERISAFE Insurance Group or the… [Read more]