AMAXX

SEPTEMBER 23, 2024

When it comes to calculating workers’ compensation premiums, two critical factors play a significant role: the frequency and severity of claims. Understanding how these two factors interact can help businesses reduce their premiums and improve workplace safety.

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Triple-I: Workers Compensation

JUNE 10, 2024

I recently assumed responsibility for forecast modeling of the property/casualty industry, which includes workers comp. According to NCCI, the success of the workers comp line in recent years represents the convergence of three factors: Payroll increases Moderate severity increases, and Larger-than-expected frequency declines.

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Triple-I: Workers Compensation

JULY 27, 2023

Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. While the broader industry has suffered due to replacement cost trends , the most recent Triple-I Issues Brief shows how workers compensation has benefited from a generally strong economy and, in particular, strong growth in payrolls.

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Risk Management Monitor

DECEMBER 20, 2022

Claimant fraud and premium fraud are two of the most well-known types of workers compensation fraud. In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums.

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AMAXX

AUGUST 7, 2024

When it comes to managing workers’ compensation, understanding classification rules is fundamental. These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. What Are Classification Rules?

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Triple-I: Workers Compensation

FEBRUARY 10, 2022

Triple-I CEO Sean Kevelighan recently spoke with Donnell about a range of workers comp topics, starting with how the line has managed to buck the hard-market trend affecting much of the rest of the industry. Workers comp plays a critical role in the U.S. It’s a resilient system,” he said.

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LexisNexis

NOVEMBER 8, 2024

Illinois Workers’ Compensation Commission et al., Workers’ Comp. Legislative Updates—Recreational marijuana legalized (Issue 2, November 2023 election); Businesses retain right to maintain drug-free workplace policies. Illinois: Permanent Total Disability Benefits [see American Coal Co. 2024 IL App (5th) 230815WC].

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