Oldwick, NJ -(BusinessWire)- A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Benchmark Insurance Company (Benchmark) (Topeka, KS). The Credit Ratings (ratings) of Benchmark reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The Credit Ratings…[Continue Reading]
Association, Rating & Research News
WCRI: FL Workers’ Compensation Costs per Claim Grew Moderately From 2011 to 2016
Cambridge, MA – The average total cost per workers’ compensation claim in Florida has grown moderately in recent years, according to a recent study by the Workers Compensation Research Institute (WCRI). All of the key components of total costs per claim experienced moderate increases from 2011 to 2016 in Florida. “Medical payments per claim, indemnity benefits per claim, and benefit delivery expenses per claim in Florida all grew moderately at 3 to 5 percent per year during this period,” said Ramona…[Continue Reading]
A.M. Best Upgrades Issuer Credit Ratings of AMERISAFE, Inc. and Its Operating Subsidiaries
Oldwick, NJ -(BusinessWire)- A.M. Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of American Interstate Insurance Company, Silver Oak Casualty, Inc. and American Interstate Insurance Company of Texas (Austin, TX) (collectively referred to as AMERISAFE Insurance Group or the group). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR…[Continue Reading]
NCCI’s “On Opioids” Finale Examines Impact of Opioids on WC from Regulators’ Perspective
Boca Raton, FL – The National Council on Compensation Insurance (NCCI) is examining the growing issues related to opioid use in America through a three-part series, On Opioids. The series is aimed at exploring three viewpoints on issues surrounding opioid use and workers compensation: those of doctors, insurers, and regulators. In the closing chapter of the three-part series, we hear from regulators from Colorado, Kentucky, and Maine, and share their thoughts on the impact that opioid use is having…[Continue Reading]
NCCI AIS Focuses on Connecting to Work, Worker, and Workplace of the Future; State of the Line Report Released
Boca Raton, FL – Last Week, the National Council on Compensation Insurance (NCCI) held its Annual Issues Symposium (AIS)—The Future@Work in Orlando, FL. This year’s event opened with NCCI President and CEO Bill Donnell emphasizing the importance of connecting during times of constant change. Before an audience of more than 900 top carrier executives, regulators, and stakeholders, Donnell spoke of the work, the worker, and the workplace of the future with his focus on…[Continue Reading]
New WCRI Study Finds Significant Decrease in Physician-Dispensed Drugs after PA Reforms
Cambridge, MA – Two years after the passage of House Bill 1846, the frequency and cost share of physician-dispensed drugs decreased considerably in Pennsylvania in line with the aims of the legislation, according to a new study from the Workers Compensation Research Institute (WCRI) titled Monitoring Physician Dispensing Reforms in Pennsylvania. “With any reform, stakeholders want to know if the reform had its intended effect and if there were any unintended consequences,” said John…[Continue Reading]
NCCI “On Opioids” Part 2 Examines Impact of Opioids on WC from Claims Pros’ Perspective
Boca Raton, FL – The National Council on Compensation Insurance (NCCI) is examining the growing issues related to opioid use in America through a three-part series, On Opioids. The series is aimed at exploring three viewpoints on issues surrounding opioid use and workers compensation: those of doctors, insurers, and regulators. NCCI conducted interviews with professionals from each of these areas and the articles in the series reflect their opinions on the topic. In the second of…[Continue Reading]
MEMIC’s Financial Strength Earns “A” (Excellent) Rating from A.M. Best
Portland, ME – A.M. Best has affirmed its “A” (Excellent) rating for workers’ compensation specialist The MEMIC Group, which includes Maine Employers’ Mutual Insurance Company, MEMIC Indemnity Company and MEMIC Casualty Company. As the insurance industry’s most respected rating organization, A.M. Best acknowledged in its annual review The MEMIC Group’s strong balance sheet including risk-adjusted capitalization and favorable loss reserve development over the past 10 years…[Continue Reading]
WCRI: Average Total Cost per Workers’ Comp Claim in CA Stabilized after Major Reforms Took Effect in 2013
Cambridge, MA – The average total cost per workers’ compensation claim in California remained stable since the enactment of comprehensive reforms five years ago, according to a recent study by the Workers Compensation Research Institute (WCRI). “Indemnity benefits per claim grew while medical payments per claim decreased, consistent with the expected impact of the workers’ compensation system reform provisions,” said Ramona Tanabe, WCRI’s executive vice president and counsel. The system reforms were…[Continue Reading]
CA WCIRB Releases Study on Impact of Affordable Care Act on California Workers’ Compensation
Oakland, CA – The WCIRB has released its Impact of the Affordable Care Act on California Workers’ Compensation study. This study utilized data from the WCIRB’s medical transactional and unit statistical report databases to gauge the impact from increased access to health care through the Affordable Care Act (ACA) on California’s workers’ compensation system. Specifically, the study examines injured workers’ access to care, fees for medical services, claim frequency in industries most affected by…[Continue Reading]