Wages and benefits for U.S. workers rose 0.7% in the first three months of the year, a modest gain that matched the previous quarter’s increase. The data, released Tuesday by the Labor Department, suggests that growth in workers’ compensation has stalled in recent months. In the first quarter, wages and benefits increased 2.8% compared with… Continue reading US Workers’ Compensation Rose Moderately in First Quarter
Tag: Workers’ Compensation insurance
Workplace Injuries Cost U.S. Companies Over $1 Billion Per Week
The annual Liberty Mutual Workplace Safety Index documents the top ten causes of the most serious workplace injuries – those causing an employee to miss five or more days from work – and ranks them by their direct cost to employers, which consists of medical and lost-wage payments. The 2019 Liberty Mutual Workplace Safety Index… Continue reading Workplace Injuries Cost U.S. Companies Over $1 Billion Per Week
InsurTech Pie Insurance Raises $45 Million in Series B Funding Round
Pie Insurance, an insurtech startup founded in 2017, today announced the completion of a $45M Series B funding round. Participating investors included SVB Capital, Sirius Group, Greycroft, Moxley Holdings, Aspect Ventures, and Elefund. To date, Pie has raised $61 million to fund its innovative approach toward workers’ compensation insurance for small businesses. The company will… Continue reading InsurTech Pie Insurance Raises $45 Million in Series B Funding Round
Buffett’s Berkshire Hathaway in Talks to Sell Workers Comp Unit
Warren Buffett’s Berkshire Hathaway is in advanced discussions to sell its Applied Underwriters workers compensation unit to a consortium of insurance firms, people familiar with the matter said on Friday. The deal would be a rare divestment by Buffett, who has built a corporate empire of more than 90 businesses in sectors spanning insurance, chemicals,… Continue reading Buffett’s Berkshire Hathaway in Talks to Sell Workers Comp Unit
New Study Looks at Whether Higher Health Insurance Deductibles Mean More Workers Comp Claims
A new study from the Workers Compensation Research Institute (WCRI) examines whether employees injured at work are more likely to file under workers’ compensation instead of group health insurance when their group health plan has a higher deductible. The study has great relevance since the number of workers in health insurance plans with high deductibles… Continue reading New Study Looks at Whether Higher Health Insurance Deductibles Mean More Workers Comp Claims
Conning Study Suggests Workers’ Compensation Results of Recent Years Poised for Change
The extremely favorable workers’ compensation insurance results of recent years in the US are poised for change, according to a new study by Conning. “In the past three years, workers’ compensation results have been more favorable than in any other period in the past half-century,” said Jerry Theodorou, a VP, Insurance Research at Conning. “The… Continue reading Conning Study Suggests Workers’ Compensation Results of Recent Years Poised for Change
OSHA Issues Final Rule to Protect Privacy of Workers
To protect worker privacy, the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has issued a final rule that eliminates the requirement for establishments with 250 or more employees to electronically submit information from OSHA Form 300 (Log of Work-Related Injuries and Illnesses) and OSHA Form 301 (Injury and Illness Incident Report) to… Continue reading OSHA Issues Final Rule to Protect Privacy of Workers
Workers’ Compensation A Prime Target for Insurance Innovation: Fitch
The workers’ compensation segment of the property/casualty (P/C) insurance business is a prime target for technology investment to maintain competitiveness and bolster performance, according to Fitch Ratings. “As the largest U.S. commercial lines segment, workers’ compensation is a focal point for insurers’ efforts to leverage new technologies to gain operating efficiency, reduce workplace injuries and… Continue reading Workers’ Compensation A Prime Target for Insurance Innovation: Fitch
Brown & Brown Acquires Izzo Insurance Services, Inc.
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc., and Karen J. Izzo, the sole shareholder of Izzo Insurance Services, Inc., today announced that Hull & Company, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all the assets of Izzo Insurance Services. Founded in 1980 by Karen Izzo, Izzo Insurance… Continue reading Brown & Brown Acquires Izzo Insurance Services, Inc.
Characteristics Associated with Significant Differences in Opioid Dispensing to Injured Workers Identified in WCRI Study
A new study, Correlates of Opioid Dispensing, published by the Workers Compensation Research Institute (WCRI) identifies characteristics of injured workers and their employers that are associated with differences in opioid dispensing rates. “This study can help public officials and other stakeholders better predict which injured workers are more or less likely to receive opioids,” said… Continue reading Characteristics Associated with Significant Differences in Opioid Dispensing to Injured Workers Identified in WCRI Study