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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Louisiana workers compensation sees few claims but high costs

Louisiana workers compensation - Worker - Construction

Employees in the state are less likely to be injured than in any other place across the country. The Louisiana workers compensation program functions in a curious way. Despite the fact that employees in the state are less likely to be injured than those in any other state, the coverage still comes with high costs. The costs of workers compensation insurance in the state have been steadily falling for years. Comparing the cost of Louisiana workers compensation clearly shows that the actual costs are dropping. In fact, this has been…

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Illinois workers compensation moves through state Senate

Illinois workers compensation - Construction Site - Construction Workers

Senators have given the nod to new restrictions on insurance companies writing this type of policy. New Illinois workers compensation legislation has received approval in the state Senate. It applies new restrictions to insurance companies that write workers compensation policies. The insurance legislation passed the state Senate this week in a vote of 34 to 21. This Illinois workers compensation legislation is a mirror image of one that was approved by lawmakers in the state last year. However, when that proposal reached Governor Bruce Rauner’s desk, he vetoed it. This…

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Berkshire-owned workers compensation insurance scam case reaches settlement

workers compensation insurance

Applied Underwriters, a Berkshire Hathaway owned firm, was ordered to cease bait-and-switch marketing. Applied Underwriters, an insurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to a workers compensation insurance case settlement. The agreement involves providing Californian consumers with full disclosure about the product. The insurance company’s goal is to start selling plans again following a state review of alleged abuses. A major component of the settlement requires Applied Underwriters “to stop the bait-and-switch marketing tactics.” Many employers registered complaints from having been sold workers compensation insurance through bait-and-switch tactics.…

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Workers compensation scam in California leads to 26 arrests

workers compensation scam insurance fraud

Among those who were arrested were three doctors in the Orange County area. A massive number of arrests have resulted from a California workers compensation scam that was recently busted. Among the arrested individuals were three doctors. Two of the doctors were from Newport Coast and another doctor was from Huntington Beach. In total, there were 26 arrests including business owners and medical professionals. The workers compensation scam is estimated to have swindled insurance companies and consumers out of $40 million in kickbacks and fraudulent insurance billing. This, according to…

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North Carolina officials target employers without workers compensation

workers compensation insurance

The Industrial Commission has already fined and charged companies operating without proper insurance. In North Carolina, the Industrial Commission, the authority responsible for the enforcement of laws regarding workers compensation, has now started to target employers that have not been carrying adequate insurance in order to comply with the state’s laws. As a result of the crackdown that has been occurring over the last year, $1 million in civil fines have been collected. These civil fines were collected from companies without adequate (or any) workers compensation coverage. Moreover, beyond fining…

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Wearable technology may change the nature of workers compensation claims

workers compensation safety month

New breakthroughs in wearables could potentially revolutionize the healthcare industry. Recent advancements in wearable technology are changing the nature of healthcare, especially when it comes to boosting the independence and overall wellbeing of patients who are suffering from serious injuries, which could have some interesting implications for workers compensation claims. The idea is that by using wearables, the insurance industry could greatly benefit in overall claims costs. The workers compensation industry could be able to save a considerable amount on its claims while it greatly improves the quality of life…

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