Tag: workers compensation

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…

Read More

Maryland’s worker’s compensation insurance company to be privatized

Maryland Health insurance

Move comes to protect the insurer’s surplus funds Maryland’s Injured Workers Insurance Fund (IWIF), a worker’s compensation insurance carrier run by the state, is to become a private, non-profit company by October 2013. The move comes from legislation, called the IWIF Conversion Act, which was passed this week by lawmakers. Governor Martin O’Malley signed the bill into law, ensuring that the state’s worker’s compensation insurance system will undergo the changes outlined by the legislation. Legislators believe that the change will provide some stability to the state’s insurance industry and help…

Read More

Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Marc

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

Read More

Statewide brings contractor insurance services into Washington state

Leading general liability insurance, commercial vehicle coverage, workers compensation and bonds provider for contractors, Statewide Insurance Brokers, has announced that it has broadened its contractor insurance offerings to include Washington State. The insurer has been providing these products to thousands of contractors of all forms from painters to electricians, since 1995. Today, Statewide Insurance is operating in seven states – Nevada, Oregon, Texas, Virginia, Washington, Minnesota, and California – but has plans for widening. According to one of the company’s senior underwriters, Lana Matar, demand is what is fueling their…

Read More

New York lawmakers pass new regulation allowing insurers to issue policies without waiting for approval

Nordstrom

New York legislators have passed a new insurance regulation that will allow most insurance companies in the state to issue policies without filing rate proposals. The regulation pertains to the commercial market and is meant to give insurers more flexibility in serving commercial clients. Lawmakers hope that the regulation will bring some speed to the commercial insurance process as they fear that the market may be growing somewhat stagnant. The New York State Department of Financial Services believes that the law will be a boon to the economic development of…

Read More

Delaware insurance regulators recover $1.8 million in premiums after nine-month investigation

Delaware residents are in for some good news as Insurance Commissioner Karen Stewart declares the recovery of more than $1.8 million in premiums. The money was recovered from a number of insurance companies that have been under investigation for the past nine months. These companies had been the subject of consumer complaints, which were funneled to Stewart through the Department of Insurance. The funds will begin being issued to consumers next year. Fraud and malpractice have been a problematic issue for the state’s insurance industry for some time. In order…

Read More

AIR Worldwide Updates Terrorism Model for the U.S.

Guest Author

NEW ORLEANS – Catastrophe risk modeling firm AIR Worldwide (AIR) released an update to its terrorism model for the United States. The model, which is used by insurers and reinsurers to assess potential losses to property and workers compensation risks, reflects less frequent and lower-severity attacks based on a reassessment of the threat by a team of leading terrorism experts. “AIR’s team of operational threat analysis experts includes the FBI’s former head of counterterrorism and members of the CIA responsible for developing terrorist group profiling,” said Jack Seaquist, assistant vice…

Read More