According to Kevin McCarty, the Florida Insurance Commissioner, the insurance rates for workers’ compensation are slated to increase by 8.9 percent, and will do so beginning on January 1, 2012. By giving his approval for the rise in rates, McCarty has simultaneously refused the National Council on Compensation Insurance (NCCI) rate request, stating that there was a flaw in the council’s methodology. Equally, McCarty has denied another increase proposal by the NCCI regarding minimum premiums. Should the NCCI wish to continue to pursue its request, it will need to re-file. …
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New report shows cost of workers’ compensation dropped during global economic crisis
In 2009, at the start of the global economic crisis, there was a decrease of 4.4 percent in the number of employees who had workers’ compensation coverage. According to a National Academy of Social Insurance report, this drop was the largest in twenty years. The result was that the cost to employers for providing the benefits decreased by 7.6 percent, reaching $73.9 billion that year; which is the most recent year with complete data. This drop closely mirrors the overall decline in employment in the country. According to the chair…
Read MoreFlorida court rules that illegal immigrants are eligible for worker’s compensation benefits
The Florida First District Court of Appeals has released its ruling on the case of HDV Construction Systems v. Luis Aragon. The case stems from a worker’s compensation dispute levied against HDV construction by Luis Aragon. According to the suit, Aragon fell from a roof while working, suffering from serious injuries that prevented him from working during the extent of his recovery. Normally, such a dispute would have been settled without bringing the issue to court, but one issue makes this case court-worthy: Aragon is an undocumented immigrant. Aragon was…
Read MoreWorkers’ compensation exposure on the rise with more mobile workers
A clear growth of workers’ compensation exposure is now causing alarm among employers and risk managers with the remarkable rise in the number of mobile workers. This was discussed in this year’s meeting of Risk and Insurance Management Society (RIMS) held recently in Vancouver. In the said forum experts advised both employers and risk managers to formulate stable and concrete rules pertinent with workers’ use of any types of mobile devices at work. According to Maureen McCarthy, Liberty Mutual, manager of Workers’ Compensation and Managed Care it is a must…
Read MoreBusiness claims on the rise due to discrimination
A recent survey by the Chubb Group of Insurance Companies, show that lawsuits against businesses for discrimination have risen dramatically; and are still rising. The Equal Employment Opportunity Commission (EEOC) reported a record breaking number of discrimination charges in 2010. The Chubb Group’s report revealed that one third of employees they surveyed felt their company is less likely to protect them from various forms of discrimination. More than 30 percent also stated that they felt companies were less likely to protect consumers from id theft or data leaks. According to…
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