Chicago, IL – The U.S. workers compensation market is on track for a fifth consecutive year of underwriting profits in 2019 despite recent weakening in market fundamentals, according to Fitch Ratings. The industry’s statutory combined ratio fell to 86% in 2018, and has averaged 93% annually since 2015. “The workers compensation segment is known for… [Read more]
Association, Rating & Research News
NCCI Releases Q2 2019 Quarterly Economics Briefing
Boca Raton, FL – NCCI recently announced the release of the Q2 2019 edition of its Quarterly Economics Briefing, which examines the current state of the economy and implications for workers compensation insurance, and is separated into two sections: “Review of Current Conditions” and “Drilling Down”. Review of Current Conditions Key takeaways include: GDP is… [Read more]
WCRI Webinar: Role of Medical Prices in Outcomes of Injured Workers
Cambridge, MA – Does it matter for outcomes that workers experience after their injuries if workers’ compensation pays less or more for medical care than group health insurers? Dr. Bogdan Savych of the Workers Compensation Research Institute (WCRI) will host a one-hour webinar on Thursday, August 8, at 2 p.m. ET as he discusses the… [Read more]
CA WCIRB Releases Report on Losses and Expenses for Calendar Year 2018
Oakland, CA – The WCIRB has released its report on workers’ compensation losses and expenses for 2018. The report is prepared annually pursuant to Section 11759.1 of the California Insurance Code. Key findings in the report include: Medical losses paid in 2018 were $4.6 billion, or 55% of total loss payments. Of these payments, $1.2… [Read more]
WCRI Report Finds Drug Payments for Injured Workers Decreased in Almost All Study States
Cambridge, MA – A new FlashReport from the Workers Compensation Research Institute (WCRI) recently found that workers’ compensation prescription drug payments per medical claim decreased by 15 percent or more in 25 of 27 study states over a three-year period from the first quarters of 2015 to 2018. “This study provides a high-level view of… [Read more]
AM Best Downgrades Credit Ratings of FHM Insurance Company
Oldwick, NJ -(BusinessWire)- AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” from “bbb” of FHM Insurance Company (FHM) (Jacksonville, FL). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings reflect FHM’s balance sheet strength,… [Read more]
NCCI Releases Insights Piece on Wearables in Workers’ Comp
Boca Raton, FL – In today’s modern world, more individuals are using wearable devices to help them stay connected, keep better track of their daily activities, and achieve their health, fitness, and overall wellness goals. But with improving technology and expanding opportunities, wearable devices are now taking on much larger roles. A wearable device—typically thought… [Read more]
WCRI: Avg Total Cost of TX Workers’ Comp Claim Stable from 2012-17, Among Lowest in Study
Cambridge, MA – The average total cost of a Texas workers’ compensation claim remained stable from 2012 to 2017 and was among the lowest of 18 states analyzed, according to a recent study by the Workers Compensation Research Institute (WCRI). “The recent Texas trends in cost components for claims differed from trends in many other… [Read more]
CA WCIRB Releases 2019 Annual Conference Presentations
Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) held its 2019 Annual Conference: Vision 2020 last week, with more than 90 percent of the California workers’ compensation market’s insurers in attendance. Attendees heard from speakers including California Insurance Commissioner Ricardo Lara and WCIRB President and CEO Bill Mudge, participated in Speed… [Read more]
NCCI AIS 2019 Golf Tournament Raises $30,000 to Support Kids’ Chance
Boca Raton, FL – The National Council on Compensation Insurance (NCCI) recently announced that its Annual Issues Symposium (AIS) 2019 golf tournament raised $30,000 to support Kids’ Chance. Guy Carpenter sponsored the tournament. Attendees consider AIS to be the premier Thought Leadership event for senior executives in the workers compensation industry. “We are so appreciative… [Read more]