Tag: workers comp rates

Rate increase for California workers comp of 8.25 percent receives approval

H. Cutner
Workers Compensation insurance

Employees may also soon be seeing changes to disability insurance regulations. Dave Jones, the insurance commissioner in California, has just approved a 8.25 percent workers comp advisory pure premium rate increase in the state for policies that are either new or renewing as of July 1 of this year. Jones explained the reason for the increase in his order that called for it. He stated that though it may not look like there has been much of a change in the costs per unit, the increasing use of medical care…

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Towers Watson survey shows prices for commercial insurance continued their rise during Q4 2011

Julie Campbell

According to the results of the most recent Towers Watson Commercial Lines Insurance Pricing Survey (CLIPS), the prices for commercial insurance increased by a total of 3 percent throughout the final quarter last year, which completed a year in which every quarter saw rising prices for all lines of standard commercial products. Furthermore, according to the report by the global professional services company, earned price increases are starting to compensate for the portions of the reported claim cost inflation levels. Data from CLIPS showed that, yet again, the commercial property…

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Liberty Mutual Insurance rereleases webinar about worker compensation cost management through predictive modeling

Liberty Mutual Insurance has announced that they will be rereleasing a webinar for commercial insurance agents, brokers, and buyers, so that they can better comprehend the vital role played by predictive modeling in being able to best manage the total cost that stems from workers’ compensation claims. The insurer made the decision to rerelease the webinar following a large amount of demand and interest. Liberty Mutual has now placed the webinar on its website so that those who missed the December’s event when it was originally hosted, will be able…

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Pennsylvania workers’ compensation insurance costs drop by an average of 5.7%

Marc

Amidst news of insurance rate hikes from throughout the country, the Pennsylvania Department of Insurance offers a change of pace. State regulators have announced the approval of a 5.7% decrease in workers’ compensation costs. The rate reduction is estimated to save the state’s employers approximately $160 million. The 5.7% decrease is a reflection of average reductions throughout the state and will not affect all consumers in Pennsylvania. Some will see higher rates while others see no changes at all, according to regulators. Insurance Commissioner Mike Consedine believes that the rate…

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Employers in California pay slightly more into premiums for workers’ compensation insurance

According to Dave Jones, the California insurance commissioner, the top 100 companies in the state, which make up 96.7 percent of its market, have increased the rates that they have filed by an 2.8 percent average so far this year. The average increase will impact the majority of businesses that are legally required to purchase plans that pay for an injured employee’s medical expenses when the injury occurred while on the job, and that offers compensation for work related disabilities both temporary and permanent. The majority of the policies held…

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