Pennsylvania workers compensation insurance implements important filing changes

Pennsylvania workers compensation - filing - errors

The state has made several large changes to help reduce the odds of filing of loss cost errors. The Pennsylvania workers compensation insurance system has undergone considerable changes that have now gone into effect. According to the state Insurance Commissioner Jessica Altman as well as Labor and Industry Secretary Jerry Oleksiak, their offices have come to agreements with two major insurers and with the Pennsylvania Compensation Rating Bureau (P.C.R.B.). Together, the organizations hope this will substantially reduce the instance of filing of loss cost errors. These errors to filing of…

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Workers compensation technology is reducing claims frequency

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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FBI investigating country-wide workers compensation fraud scheme

Workers compensation fraud

The Bureau is looking into an alleged nationwide scam involving insurance and pensions. The F.B.I. has launched an investigation into an alleged nationwide workers compensation fraud, health insurance scam and pension plan scheme. The scheme involves policies and plans sold by American Labor Alliance or its U.S. subsidiaries. The F.B.I. has requested that any businesses that have purchased policies or plans from American Labor Alliance (A.L.A.) or any of its subsidiaries across the country should contact their state insurance regulator. The state regulator will be able to tell if health…

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Vermont workers compensation insurance rates are on their way down

Vermont workers compensation - Insurance rates going down - Down arrows

Governor Phil Scott announced that the downward trend would continue for these insurance costs. Vermont workers compensation insurance rates are falling for the third consecutive time, announced Governor Phil Scott. The state Department of Financial Regulation approved the rate decrease, which will become effective as of April 1, 2019. Since Governor Scott took office, there have been three straight decreases in the cost of the coverage. The latest Vermont workers compensation rate decrease will represent a total savings of $10.5 million for employers in the state. That said, when that…

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California workers compensation rates are on their way down, but remain expensive

California Workers Compensation - Construction Worker

The premiums dropped across the country, but those in the state still come with the highest price. A new study shows that California workers compensation rates have followed the dropping trend seen across the country. The coverage is becoming more affordable nationwide. That said, the Oregon Department of Consumer and Business Services found that California’s rates are still among the highest. California’s rates for workers’ compensation coverage are among the worst in the United States. The department published its Oregon Workers’ Compensation Premium Rate Ranking Summary, a report it issues…

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Dave Jones wants more entries to the California marijuana insurance market

California marijuana insurance - Marijuana plant

The California Insurance Commissioner has called on insurers to help fill coverage gaps in this marketplace. Insurance Commissioner Dave Jones recently called on insurers to take part in the California marijuana insurance market. The goal is to help to fill the coverage gaps that exist among businesses seeking to grow and distribute this drug. California state law says that medical marijuana is legal, though federal law still considers it illegal. Jones’s announcement was made at the same time that a new workers’ compensation insurance program was launched. Atlas General Insurance…

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US workers compensation industry will continue to be profitable this year

US workers compensation - safety shoes - screw - risk of accident

Fitch data showed that the market remained strong throughout 2017 with positive 2018 performance. New Fitch Ratings data shows that the US workers compensation industry did well last year and may continue to see underwriting profits this year. The data from last year until now shows a trend of strong performance, though that could change. Last year’s strong US workers compensation performance represented the third consecutive year following that trend. The industry statutory combined ratio was around 92 percent, said Fitch Ratings data. The recent Fitch Ratings report showed that…

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