The National Council on Compensation Insurance (NCCI) today released its performance metrics for the US workers compensation system for 2021. Private carrier plus state fund net written premium increased about 1% to $43 billion in 2021 (private carrier premium alone was $38B). Private carriers again posted a profitable Calendar Year 2021 combined ratio of 87.… Continue reading Workers’ Compensation Carriers Post a Profitable Year for 2021
Tag: Workers’ Compensation
More than One-Third of Workplace Injuries Occur During the First Year on the Job: Travelers Report
Travelers, the country’s largest workers compensation insurer, today released its 2022 Injury Impact Report. The study analyzed more than 1.5 million workers compensation claims over a five-year period (2015-2019) and revealed that 35% of injuries occur during employees’ first year on the job, regardless of age or industry experience. “Our data underscores the importance of… Continue reading More than One-Third of Workplace Injuries Occur During the First Year on the Job: Travelers Report
Unions Say Half of U.S. Warehouse Injuries in 2021 Occurred at Amazon
According to a report released Tuesday by a coalition of labor unions, nearly half of the workplace accidents that occurred in U.S. warehouses in 2021 occurred at Amazon, despite the fact that the online retail giant employs only one-third of those wage earners. The Strategic Organizing Center (SOC) aays workers at Amazon logistics centers suffered… Continue reading Unions Say Half of U.S. Warehouse Injuries in 2021 Occurred at Amazon
Majority of January Commercial Lines Renewals See Lower Rates
IVANS® today announced the January 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Property and Umbrella. Commercial Auto,… Continue reading Majority of January Commercial Lines Renewals See Lower Rates
Amazon’s Average Warehouse Safety Rate Worse than Peers
Amazon.com Inc reported injury figures for 2020 on Monday, revealing lower-than-average safety rates in its U.S. warehouses but a better delivery record than competitors. The online retailer also stated that global employee injuries and illnesses that resulted in time away from work decreased by 43 percent in 2020, to 2.3 per 100 employees, down from… Continue reading Amazon’s Average Warehouse Safety Rate Worse than Peers
USG Announces Promotion of Capo in Covington, LA
USG Insurance Services, Inc., a national wholesaler and MGA, is pleased to announce the promotion of Ron Capo to Producer/Broker: Commercial Lines in Covington, LA. Capo has been with USG since November of 2019 as an Associate Producer/Broker. In his new position as Producer/Broker: Commercial Lines, Ron will continue building his book of business and… Continue reading USG Announces Promotion of Capo in Covington, LA
Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
IVANS® today announced the October 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates rose for lines of business including Business Owner’s Policy (BOP), Commercial Property,… Continue reading Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
Renewal Rates Experience Uptick Across Nearly All Major Commercial Lines Products
IVANS®, a division of Applied Systems®, today announced the results for Q4 and year-end 2020 IVANS Index™, the insurance industry’s premium renewal rate index. Q4 results showed an increase in the premium renewal rate change average across General Liability, Commercial Property, Umbrella and Workers’ Compensation compared to Q3; however, Workers’ Compensation average premium renewal rate… Continue reading Renewal Rates Experience Uptick Across Nearly All Major Commercial Lines Products
Pie Insurance Launches Partner API
Pie Insurance, an insurtech specializing in workers’ comp insurance for small businesses, today launched its API for partners. Using Pie’s API, partners who serve small businesses can easily get a quote without leaving their platform or website, further streamlining the process of helping their clients save up to 30% on workers’ comp insurance. Partners can… Continue reading Pie Insurance Launches Partner API
U.S. Workers Comp Insurance Underwriting Profits to Normalize in 2021
The U.S. workers compensation insurance market is poised to report strong profitability in 2020, despite considerable economic challenges from the ongoing coronavirus pandemic, as declines in economic activity led to reduced claims frequency that are currently outpacing pandemic-related losses, Fitch Ratings says. However, underwriting performance in 2021 and beyond will likely deteriorate, as claims activity… Continue reading U.S. Workers Comp Insurance Underwriting Profits to Normalize in 2021