article thumbnail

Workers Comp Premium, Loss, Market Trends Support Its Ongoing Success

Triple-I: Workers Compensation

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.

article thumbnail

Falling Work Comp Rates: The Good, the Bad, and the Ugly

R&R Insurance

On October 1, 2024 Wisconsin continued its trend entering a ninth consecutive year of reduced workers compensation insurance rates. It's the same story as was originally published in 2019, just more intense! Rates in 2024 fell an average of 10.5% compared to 2023, which is the most dramatic reduction in over a decade.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Understanding the Impact of Frequency and Severity on Workers’ Compensation Premiums

AMAXX

These metrics are fundamental in determining the experience modification factor (often called “mod”), which ultimately influences the cost an employer will pay for workerscompensation insurance. Underwriters view very large losses as rare and unlikely to repeat.

article thumbnail

Blog Post: Frequently Asked Questions on Complex Employment Issues for California Workers’ Compensation

LexisNexis

The subcontractor does not have a contractor’s license nor workerscompensation insurance. Does the general contractor have liability for the injured worker’s workerscompensation benefits? Insurance Code section 11663 provides that liability for workerscompensation insurance follows payroll.

article thumbnail

Workers Comp:Resilient and Relevant

Triple-I: Workers Compensation

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).

article thumbnail

Economic Trends Bode Well for Workers Comp, But Emerging Issues Warrant Attention

Triple-I: Workers Compensation

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. Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers.

article thumbnail

Blog Post: New title! Complex Employment Issues for California Workers' Compensation

LexisNexis

EMPLOYEE LEASING AGREEMENTS § 50 Background § 51 Professional Employer Organizations (PEOs) § 52 General and Special Employers: Key Issues § 53 Discovery in Employee Leasing Cases [1] Overview [2] Determine Who Paid the Leased Employee [3] Obtain the Employee Leasing Contracts [a] Generally [b] Contracts Involving Third-Party “HR (..)