Fitch Ratings has recently released a report that shows how the US workers compensation insurance market is positioned to report strong profitability in 2020. Despite considerable economic challenges from the ongoing coronavirus pandemic, the declines in economic activity led to reduced claims frequency that are currently outpacing pandemic-related losses. However, it’s been predicted by Fitch… Continue reading U.S. Workers Comp Market to Report Strong Profitability in 2020: Fitch Ratings
Tag: workers comp
Travelers Introduces IndustryEdge® Program for Professional Services
The Travelers Companies, Inc. today announced the launch of IndustryEdge for Professional Services. This tailored business insurance solution offers coverages including general liability, property, commercial auto, workers compensation, professional liability and cyber to help customers mitigate industry-specific risks such as data breaches, theft and lawsuits. IndustryEdge for Professional Services is specially designed to meet the… Continue reading Travelers Introduces IndustryEdge® Program for Professional Services
Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the August results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative change in premium. Month over month, August premium renewal rates experienced… Continue reading Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines
Essential Workers in Many States Fighting for COVID-Related Workers Comp Benefits
Lauded for their service and hailed as everyday heroes, essential workers who get the coronavirus on the job have no guarantee in most states they’ll qualify for workers’ compensation to cover lost wages and medical care. Fewer than one-third of the states have enacted policies that shift the burden of proof for coverage of job-related… Continue reading Essential Workers in Many States Fighting for COVID-Related Workers Comp Benefits
AM Best Warns Against COVID-19 Workers’ Compensation Law
AM Best has warned that legal efforts in several US states to expand workers’ compensation coverage to allow employees to claim for COVID-19 will have a negative impact on re/insurers. The rating agency turned negative on workers’ compensation lines back in March due to the economic conditions and rise in unemployment that accompanied the pandemic,… Continue reading AM Best Warns Against COVID-19 Workers’ Compensation Law
NCCI Examines the Economic Impact of COVID-19 on Workers Comp, Provides Resource Center
The National Council on Compensation Insurance (NCCI) released the first of a two-part Quarterly Economics Briefing (QEB) for the first quarter of 2020. The first part—“Economic Impacts of Coronavirus on Workers Compensation” examines how the COVID-19 pandemic affects the workers compensation insurance system. It explores the impact on employment, business closures, injury frequency, injury severity,… Continue reading NCCI Examines the Economic Impact of COVID-19 on Workers Comp, Provides Resource Center
PMA Companies Names Jeanne Consiglio as Vice President – Northeast Region
PMA Companies has named Jeanne Consiglio as Vice President – Northeast Region. In her new role, Ms. Consiglio will be responsible for leading the company’s strategic growth objectives in Connecticut, the New York City metropolitan area, Massachusetts, Rhode Island, Vermont and New Hampshire. She will report directly to Ken Stanley, PMA Senior Vice President, Distribution… Continue reading PMA Companies Names Jeanne Consiglio as Vice President – Northeast Region
N.J. Company Must Pay for Employee’s Medical Marijuana, Appeals Court Rules
In a ruling that could have far-reaching effects, an appeals court in New Jersey ruled this week that a contractor must reimburse a former employee for the cost of the medical marijuana that he uses to treat his incessant pain from a work-related injury. “This is huge. And the significance of this court decision cannot… Continue reading N.J. Company Must Pay for Employee’s Medical Marijuana, Appeals Court Rules
Fatal Workplace Injuries Are on the Rise, CFOI Report Shows
About 4.7 million U.S. employees suffer a workplace injury every year. Now, new data shows that fatal workplace injuries have spiked 2% since 2017. According to the Census of Fatal Occupational Injuries (CFOI), released by the U.S. Bureau of Labor Statistics on December 17, 2019, the number of fatal workplace injuries has jumped from 5,147… Continue reading Fatal Workplace Injuries Are on the Rise, CFOI Report Shows
Pie Insurance Continues Nationwide Expansion
Pie Insurance announced that it has expanded its workers’ comp insurance offering into New Jersey. Already one of the nation’s fastest-growing insurtechs, this latest addition increases Pie’s coverage area to 32 states and the District of Columbia. Pie Insurance—co-founded by former CMO of Esurance, John Swigart, and former CEO of Valen Analytics, Dax Craig—provides workers’… Continue reading Pie Insurance Continues Nationwide Expansion