The workers’ compensation segment continues to outperform every other line of business in the U.S. property/casualty (P/C) industry, bolstered by ongoing declines in loss frequency and favorable reserve development, according to a new AM Best report.
Tag: workers comp
Workers’ Comp Insurance Premiums See Significant 1% Increase in One Year
The National Council on Compensation Insurance (NCCI) has reported a significant 1% increase in workers’ compensation premiums from 2022 to 2023.
U.S. Workers’ Compensation Market Leads the Industry in Profitability: NCCI
The U.S. workers compensation insurance market has the “strongest profitability” of all lines of property/casualty business, posting an 86% combined ratio in 2023, according to the National Council on Compensation Insurance’s (NCCI) annual State of the Line repor
CIAB: Premium Increases Flat to Down Q1 2024
Premium increase moderation continued this quarter, with premiums across all account sizes increasing by 7.7%, slightly up from the previous quarter’s 7.0%. It was the 26th consecutive quarter of increases.
Omaha National Acquires California Domiciled Insurance Company
Omaha National Group Inc., a leading tech-enabled provider of workers’ compensation insurance, has acquired Sutter Insurance Company, a California domiciled insurance carrier that has been renamed Omaha National Casualty Company.
U.S. Commercial Insurance Rates Sustain Upward Trajectory Exceeding 6%
U.S. commercial insurance rates have continued their upward trajectory through the fourth quarter of 2023, according to the latest findings from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS). Carriers reported an aggregate commercial price increase of 6.7%, continuing a consecutive quarter upsurge over 6%.
Renewal Rates for Nearly All Commercial Lines Up YoY; Nearly All Experience Decrease Month Over Month
Year over year, all major commercial lines experienced an increase in average premium renewal rates. Month over month, Workers’ Compensation experienced an increase in premium renewal rate change, while Commercial Auto, BOP, General Liability, Commercial Property, and Umbrella saw decreases.
Who Is Most Likely to Get Hurt on the Job?
Logic might tell you that the people most likely to suffer workplace accidents are those who do the most dangerous jobs. A recent study, however, finds that isn’t the case.
AI Reduces Legal Involvement in Workers’ Compensation Lost-Time Claims by 15%, Saving Insurers Millions
Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced the results of a comprehensive research study showing that AI-enabled workers’ compensation claims management reduced legal involvement for lost-time claims by 15%.
Nebraska Bill Would Allow Workers’ Comp to Cover Mental Injuries
Legislative Bill 5 would amend a section of the Nebraska Workers’ Compensation Act to cover people who have been diagnosed with post-traumatic stress disorder by a mental health professional.