Denver – Colorado employers will see a small increase in the premiums they pay for workers’ compensation insurance in 2012. The Colorado Division of Insurance has announced that the “loss costs” component of workers’ compensation premiums will go up 3.7 percent in 2012. The 2012 increase follows an increase of 3.4 percent in 2011 after… [Continue Reading]
Association, Rating & Research News
A.M. Best Posts Webinar Transcript, Playback on State of U.S. State Workers’ Comp Funds
OLDWICK, N.J.–(BUSINESS WIRE)–The video playback and transcript for the June 9 webinar titled, “State of the U.S. State Workers’ Compensation Funds,” is now available to view online. Workers’ compensation funds operate in many states as providers of coverage and often as insurers of last resort for employers who have difficulty in obtaining coverage. In recent years, the overall… [Continue Reading]
Florida Insurance Commissioner Issues Order Regarding NCCI Rate Hike
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced that he has advised the National Council on Compensation Insurance (NCCI) that he would approve their initial rate increase request of 8.9% to become effective January 1, 2012 for workers’ compensation insurance rates in Florida based on evidence submitted in NCCI’s rate filing, and during… [Continue Reading]
EMC Insurance Companies Donates $200K to Local Nonprofits
DES MOINES, Iowa–(BUSINESS WIRE)–Four nonprofit organizations have been selected to receive $25,000 from the EMC Insurance Foundation in the final phase of the 100 Ways of Giving program sponsored by EMC Insurance Companies. In total, EMC is giving away $200,000 through the program, in celebration of the company’s 100-year anniversary… [Continue Reading]
Survey Shows Minnesota Workplace Injury Rate Near all-time Low
Minnesota – A recent survey estimates Minnesota’s workplace injury and illness rate to be near an all-time low. According to the annual Survey of Occupational Injuries and Illnesses, the state had an estimated 3.9 nonfatal workplace injuries and illnesses per 100 full-time-equivalent (FTE) workers in 2010. This is up slightly from… [Continue Reading]
US Secretary of Labor Releases Statement on Decline in Workplace Injuries and Illnesses
WASHINGTON – The U.S. Department of Labor’s Bureau of Labor Statistics today announced that nonfatal workplace injuries and illnesses among private industry employers declined in 2010 to a rate of 3.5 cases per 100 equivalent full-time workers, down from a total case rate of 3.6 in 2009. Nearly 3.1 million… [Continue Reading]
WA L&I Reports Workplace Injury Rates Show Continued Improvement
TUMWATER – Washington’s job sites were safer in 2010, continuing a trend that began nearly a decade ago, according to survey results released today by the Department of Labor & Industries. The Occupational Injury and Illness Survey for Washington State showed that… [Continue Reading]
CWCI Provides Run Down on 2011 California Workers’ Comp Enacted Legislation
The California Workers’ Compensation Institute (CWCI) has completed a review of 2011 legislation signed by Governor Brown and flagged 20 workers’ compensation related bills that were enacted this year. They include… [Continue Reading]
A.M. Best Special Report: U.S. Workers’ Comp Results Drop Once Again, Concerns Remain
OLDWICK, N.J.–(BUSINESS WIRE)– The U.S. workers’ compensation insurance segment continued to face the same significant hurdles throughout 2010, including competitive pricing, further rate decreases, weak macroeconomic factors, growing medical costs and an uptick in claim frequency. As a result, premium volume declined and underwriting results deteriorated yet again… [Continue Reading]
NCCI Publishes Research Report on Excess Loss Development in Workers’ Comp
The National Council on Compensation Insurance (NCCI) recently posted a new research report on excess loss development in workers compensation insurance. Large loss and excess development is relevant to calculating excess loss factors used in retrospective rating. As part of this review of excess loss factors, NCCI investigates countrywide… [Continue Reading]