Tag: workers compensation

US workers compensation industry will continue to be profitable this year

H. Cutner
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…

Read More

Louisiana workers compensation sees few claims but high costs

Logan B.
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…

Read More

Illinois workers compensation moves through state Senate

Marc
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…

Read More

Berkshire-owned workers compensation insurance scam case reaches settlement

G. Turner
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.…

Read More

Workers compensation scam in California leads to 26 arrests

G. Turner
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…

Read More