The U.S. workers’ compensation insurance market is in dire straits according to a new report from A.M. Best, an international rating agency. Agency analysts have been examining the effects of competition, rate decreases, economic turmoil and other factors throughout 2010 and have concluded that the market faces challenges times in the coming years. The report highlights the continuation of these trends for some time, but analysts note that the market may see modest growth for the first time since 2005 this year. The problems facing the workers’ compensation sector mirror…
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Largest workers’ compensation insurance company in California to lay off 1,800 by next June
The State Compensation Insurance Fund, a government-controlled insurer which is the largest workers’ compensation insurance company in California, has announced that one of its efforts to cut expenses and streamline its operations will be to lay off approximately one quarter of its total 6,800 employees. Chief executive of State Compensation Insurance Fund, Tom Rowe, said that as many as 1,800 civic service workers will be eliminated by the end of June 2012, as the company has been determined to be overstaffed by about 30 percent. This is the first time…
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