Amazon President and CEO Andy Jassy has stated that the e-commerce behemoth wants to improve worker safety at its warehouses and fulfillment centers, as the company faces intense scrutiny over employee working conditions. In his first shareholder letter as CEO of Amazon, Jassy, who succeeded founder Jeff Bezos last year, stated that the company is… Continue reading Amazon CEO to Focus on Workers’ Safety Amid Criticism
Tag: Workers’ Compensation insurance
Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Market conditions did not change significantly from the previous quarter in the fourth quarter of 2021, according to Woodruff Sawyer. We continue to see stabilization in many sectors of the commercial lines market, and cyber remains a concern for insurers as ransomware losses continue unabated. As premiums continue to rise, cyber buyers are feeling the… Continue reading Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
AM Best Revises Outlook to Stable for U.S. Workers’ Compensation Insurance Industry
AM Best has revised its market segment outlook to stable from negative for the U.S. workers’ compensation insurance market, according to a new report. The Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Workers’ Compensation,” states that the revision is based on the following factors: Unexpectedly muted impacted of the COVID-19 pandemic; Solid risk-adjusted… Continue reading AM Best Revises Outlook to Stable for U.S. Workers’ Compensation Insurance Industry
Omaha National Raises $45 Million, To Transition to Direct Workers Comp Writer
Omaha National Group, Inc. (“Omaha National”), a leading tech-enabled provider of workers’ compensation insurance and payroll services, today announced a $45 million Series B round led by Accomplice. The company plans to use the funds to support its transition to operating as a direct insurance writer and to continue the expansion of its advanced proprietary… Continue reading Omaha National Raises $45 Million, To Transition to Direct Workers Comp Writer
Tangram and altumAI Launch New Tech-Enabled MGA with Smarter Risk Prevention and Better Loss Control
altumAI, a leading worker health and safety software and analytics firm and Tangram Insurance Services (Tangram), Managing General Underwriter and Program Manager announced today that they are establishing a premier Program Manager (MGA): “futureWork Insurance Solutions” (futureWork). Integrating the altumAI technology with Tangram’s insurance program expertise to create an insurance outcome that improves the insured’s… Continue reading Tangram and altumAI Launch New Tech-Enabled MGA with Smarter Risk Prevention and Better Loss Control
Pie Insurance Receives Regulatory Approval to Acquire Western Select Insurance Company
Pie Insurance, an insurtech company specializing in workers’ comp insurance for small businesses, announced that Pie Carrier Holdings has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd.… Continue reading Pie Insurance Receives Regulatory Approval to Acquire Western Select Insurance Company
Majority of Employers Recognize Employee Mental Health As a Significant Workplace Issue
New research from The Hartford, a leading provider of workers’ compensation and disability insurance, found 70% of employers now recognize employee mental health is a significant workplace issue, and 72% said stigma associated with mental illness prevents U.S. workers from seeking help. Also, 52% of employers said they are experiencing significant or severe workplace issues… Continue reading Majority of Employers Recognize Employee Mental Health As a Significant Workplace Issue
Workers’ Comp Trends Expected to Remain Favorable in 2021: Fitch
Workers’ compensation underwriting performance is expected to remain strong in 2021 with favorable results driven by recent reductions in claims frequency and further recognition of material reserve redundancies, Fitch Ratings says. However, this level of profitability is unsustainable longer term, as claims trends are expected to normalize while competitive forces create renewed pricing pressure. The… Continue reading Workers’ Comp Trends Expected to Remain Favorable in 2021: Fitch
AAU Announces Hire of Manioukov in Irvine, CA
AAU, a division of USG Insurance Services, Inc., is proud of announce the hire of Eugene Manioukov as Producer/Broker: Workers’ Compensation in the Irvine, CA branch. Manioukov joins the AAU team with four years of experience in the industry, most recently with Reata Holdings. As Producer/Broker: Workers’ Compensation at AAU, Eugene will continue to develop… Continue reading AAU Announces Hire of Manioukov in Irvine, CA
Workers Comp Insurers Post Profitable Year for 2020
The National Council on Compensation Insurance (NCCI) today revealed in-depth data on the performance of the US workers compensation system in 2020. Because of job losses and shrinking payrolls during the pandemic recession, net written premium dropped 10% to $42 billion in 2020. However, private insurers posted a profitable calendar year combined ratio of 87,… Continue reading Workers Comp Insurers Post Profitable Year for 2020