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’ Compensation
California Lowers Workers’ Compensation Rates
California’s Insurance Commissioner Ricardo Lara has announced a new, reduced rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll.
Impact of Economic Changes on California Workers’ Compensation
The evolving economic landscape in California, marked by inflation and labor market changes, is profoundly impacting the state’s workers’ compensation system, with insurers adjusting premium rates and coverage options, while employers face higher premiums and regulatory compliance challenges.
NLRB Joint-Employer Rule Triggers Fears of Higher Trucking Costs
A change in how the National Labor Relations Board determines whether a company is considered a “joint employer” with another company could disrupt relationships among carriers while imposing higher costs on the trucking sector.
Half of Amazon’s Warehouse Workers Are Injured After Just 3 Years: Study
More than two-thirds of Amazon.com Inc. US warehouse workers surveyed by researchers reported that they took unpaid time off to recover from pain or exhaustion sustained on the job.
WCRI: Medical Payments Continued to Decline in 2021, Reflecting Lingering Effects of Pandemic
Medical payments per claim decreased more than 3 percent in most of the 17 study states for 2021 injuries with experience through March 2022, according to a new set of studies by the Workers Compensation Research Institute (WCRI).
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.
New York State Insurance Fund Has Returned $585 Million to Businesses
New York’s largest workers’ compensation provider distributes more than half a billion dollars to employers through dividends and return of premium.
Best’s Market Segment Report: Workers’ Comp Remains a Profit Engine for P/C Industry
Workers’ compensation insurers’ underwriting results continued to outpace the rest of the U.S. property/casualty (P/C) commercial sector in 2022, as they benefited from the long-term decline in workplace accidents and a reduction in fraudulent claims, according to a new AM Best report.
Empathetic Approach, Reduced Costs Result from American Claims Management’s Workers’ Comp Claims Advocacy Program
American Claims Management, a national third-party claims administrator, has created the Claims Advocacy Program that delivers empathetic claims service while reducing workers’ compensation costs for employers and insurance companies.