Triple-I: Workers Compensation

FEBRUARY 14, 2025

By William Nibbelin, Senior Research Actuary, Triple-I The workers compensation insurance industry experienced its second-best underwriting result in the past 20 years in 2023, with a net combined ratio of 87, according to Triple-Is latest Issues Brief. A combined ratio under 100 indicates a profit. A ratio above 100 indicates a loss.

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R&R Insurance

FEBRUARY 20, 2025

On October 1, 2024 Wisconsin continued its trend entering a ninth consecutive year of reduced workers compensation insurance rates. Workers compensation rates are state mandated in Wisconsin, meaning all insurance carriers must use the same rates resulting in premiums from one carrier to another are basically the same.

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Insurance Journal

JANUARY 9, 2025

The high court found that Hartford Underwriters Insurance Co. The New Jersey Supreme Court recently ruled that an insurer had no duty to defend an insured employer against an injured employee’s personal injury lawsuit alleging negligence and intentional harm. was …

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LexisNexis

OCTOBER 8, 2024

COMPLEX EMPLOYMENT ISSUES FOR CALIFORNIA WORKERS' COMPENSATION A new softbound supplement to Rassp & Herlick, California Workers’ Compensation Law 284 pages PIN #0006801214509 For current pricing and to order, call 800-543-6862. What constitutes an independent contractor?

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Triple-I: Business Insurance

AUGUST 11, 2022

The property & casualty insurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 A combined ratio below 100 represents an underwriting profit, and a ratio above 100 represents a loss. for 2022, up 1.2 They presented their findings at a Triple-I members-only virtual webinar.

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Redbird Agents

NOVEMBER 15, 2024

For insurance companies navigating the complexities of underwriting, actuarial science, and risk management, the stakes are high when hiring C-level executives, board of directors, or other senior executives. For example, if the role is in underwriting, highlight the necessary actuarial knowledge and familiarity with reinsurance.

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Triple-I: Workers Compensation

FEBRUARY 10, 2022

Despite early “dire estimates” of how the COVID-19 pandemic might affect the workers compensation insurance sector, the system has proved to be resilient, according to Bill Donnell, president and CEO of the National Council on Compensation Insurance (NCCI). Donnell added that, in 2020, workers comp writers had $14 billion in reserves.

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Distinguished

MARCH 20, 2025

For example, if a property owner hires a new manager and includes medical coverage as part of the compensation package but forgets to enroll them in the company-sponsored health plan, this oversight might only come to light when the coverage is needed. However, we can give you an idea of what will influence the costs of a policy.

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Distinguished

FEBRUARY 24, 2025

Food spoilage and contamination coverage: Compensates for losses due to spoiled inventory or business interruptions caused by foodborne illness. When determining the price of a policy, our underwriters will look at factors such as the restaurants size, location, type of services offered, and additional coverage needs.

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AMAXX

JULY 30, 2024

So this is your premium adjustments, and these are discretionary adjustments that can be given by your underwriter based on how well they perceive you managing your risk, how well they perceive you managing your risk. and why are we gonna try to get this risk up because you’re saying, hey. Say that again.

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Triple-I: Workers Compensation

SEPTEMBER 23, 2022

Max Dorfman, Research Writer, Triple-I The workers compensation field is “responding and adapting remarkably well to economic changes,” according to Donna Glenn , chief actuary, National Council on Compensation Insurance (NCCI). This includes seven years of underwriting profitability. The strength of the labor market is awesome.”

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LexisNexis

JANUARY 9, 2025

Oakland, CA The Board of Directors of the California Workers Compensation Institute (CWCI) has named the Institutes Chief Operating Officer, Gideon L. Baum, to succeed Alex Swedlow when he retires next summer as President of the Oakland-based research and educational organization. We thank him for his decades of remarkable service.

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American Agents Alliance

SEPTEMBER 6, 2024

As part of NSM’s best-in-class insurance programs, they deliver unparalleled niche underwriting expertise, superior customer service and specialized claims handling. With A+ rated carriers, dedicated underwriters and in-house claims team, NSM makes an agent’s job easier. AllComp also offers upfront commissions to agents.

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Property Insurance Centre

JANUARY 4, 2024

” In response to rising property losses, insurance companies have adjusted their underwriting guidelines, resulting in higher premiums and limited coverage for properties located in high-risk areas. Insurers are investing in advanced technology and data analytics to improve risk assessment and underwriting processes.

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Risk Management Monitor

SEPTEMBER 21, 2021

The claims review should be designed to account for how frequency and severity may affect underwriting decisions so that the policyholder can move toward its coverage objectives. As a result, within about two years, the program cut the manufacturer’s workers compensation loss ratio roughly in half.

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Triple-I: Workers Compensation

APRIL 20, 2021

“There are upwards of 30 surplus lines carriers and several managing general underwriters that currently service the cannabis industry across many lines of coverage,” the National Law Review reports. Does workers compensation cover a workplace accident in which the injured employee tested positive for marijuana?

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Word & Brown

FEBRUARY 18, 2025

Word & Brown does not earn its compensation from your commissions. W&Bs Underwriting team works directly with carriers to streamline approvals. Well answer all of your and your clients questions about quoting, products, underwriting, sales, enrollment, provider networks, service, claims, billing, and more.

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Distinguished

NOVEMBER 7, 2024

If the principal fails to fulfill these obligations, the surety is responsible for rectifying the breach, either through financial compensation or by ensuring the completion of the contract. The surety’s role is complex, as it must diligently assess the risks associated with underwriting bonds.

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Triple-I: Workers Compensation

MARCH 21, 2023

The lines of coverage written typically are those with more predictable losses, such as workers compensation, general liability, and automobile liability and physical damage.” “Each owner makes a modest initial capital contribution,” states the paper, Group Captives: An Opportunity to Lower Cost of Risk.

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Majesco

AUGUST 22, 2024

GenAI is rapidly redefining business processes to create a once in a generation opportunity to truly optimize the business with levels of productivity we have not seen in decades. Now we can easily gather specific data on risk in order to rate, price, underwrite and reinsure. Risk is growing and becoming more complex and frequent.

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Majesco

OCTOBER 24, 2024

Intelligent Sales & Underwriting: Provides flexible dental plans tailored for large employers and seamless integration with Life and Disability products for efficient workflows. How does digital innovation enhance operational performance for you?

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Scott Insurance

APRIL 21, 2020

Material Change in Risk Manufacturers & Distributors should prepare for the possibility of increased underwriting scrutiny. Insureds should expect that more information will be required during the underwriting process, including customer/supplier contracts and risk control measures.

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Word & Brown

NOVEMBER 7, 2024

Certainly, if there’s a bonus program in place, that could be good for you; however, if you’re working in the interests of your client, you’re not going to be influenced by added compensation if the plan with the bonus is more expensive or offers an inferior network for your client.

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Jackson & Jackson

AUGUST 16, 2024

This means that in the event of a fire, theft, or other covered peril, homeowners can receive compensation for both the repair or replacement of their home and their personal possessions. Furthermore, technological advancements have also played a role in shaping the insurance industry.

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Majesco

FEBRUARY 22, 2024

The savings of time, finances, and headaches can compensate for non-negotiable price and demand issues. Innovation includes exciting forward-facing technologies and creative day-to-day operation models, like underwriting transformation, that enable the company to move in new directions.

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Protect Commercial Insurance

DECEMBER 6, 2024

Consequently, insurers broadened their products to protect against everything from product liability and professional indemnity to an array of workers’ compensations. The rise of globalisation and technological innovation introduced diverse risks that called for innovative coverage options.

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Smart Insurance Agents

OCTOBER 16, 2024

Furthermore, most broker services are free to consumers since brokers are compensated by insurance carriers. Professional directories such as the National Association of Health Underwriters and the National Association of Insurance Commissioners offer updated information and directories to find licensed brokers.

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LexisNexis

OCTOBER 10, 2024

Rassp, Presiding Judge, WCAB Los Angeles, California Division of Workers’ Compensation Disclaimer: The material and any opinions contained in this article are solely those of the authors and are not the opinions of the Department of Industrial Relations, Division of Workers’ Compensation, or the WCAB, or any other entity or individual.

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Triple-I: Workers Compensation

JULY 27, 2023

Workers compensation insurance provides for the cost of medical care, rehabilitation, and wage replacement for injured workers and death benefits for the dependents of persons killed in work-related accidents. A combined ratio below 100 represents an underwriting profit, and one above 100 represents a loss.

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