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Workers’ Comp Profits at Risk from Growing Competition, Lower Rates: A.M. Best
Workers’ compensation carriers’ ability to retain profitable accounts and maintain market share could be challenged due to declining rates and growing competition in the U.S., according to an A.M. Best report. Rate decreases across the United States have led to margin...
read more2020 New Minimum Wage Rates
2020 will introduce new minimum wage rates higher than the Federal $7.25 per hour rate. 24 states and the District of Columbia will have changes with the vast majority of those changes taking effect on January 1, 2020. See that attached Compliance Bulletin to get the...
read moreNorth American commercial insurance buyers will face sizable price increases in 2020, across most lines of insurance, according Willis Towers Watson
North American commercial insurance buyers will face sizable price increases in 2020, across most lines of insurance, according to insurance broker Willis Towers Watson’s 2020 Insurance Marketplace Realities. While the report finds that capacity is available in all...
read moreRansomware Attacks Rise 37% in Q3, Targeting IT Vendors
According to Insurance Journal "Ransomware attacks increased by 37% during the third quarter of 2019, compared to Q2, as cyber criminals target both IT vendors and their clients, according to data compiled by insurer Beazley." One-quarter (24%) of all ransomware...
read moreOIR Orders Larger Workers’ Compensation Insurance Rate Decrease for 2020
Florida Insurance Commissioner David Altmaier issued the attached Order on Rate Filing today to the National Council on Compensation Insurance (NCCI) requesting an amended filing to reduce The Florida Office of Insurance Regulation has disapproved the filing by the...
read moreService American Indemnity Company Announces Risk Transfer Insurance Agency as NEW Program Partner
AUSTIN, Texas, Sept. 9, 2019 /PRNewswire/ -- Service American Indemnity Company ("SAIC"), national provider of program services, today announced the addition of Risk Transfer Insurance Agency as the newest partner to support its continued national growth in Workers...
read moreNCCI Recommends 5.4 Percent Rate Decrease for Florida
NCCI is recommending a 5.4% average decrease in Florida’s workers’ compensation insurance rate for 2020. NCCI’s report explains how the decrease in loss time claims frequency and both medical and indemnity loss ratios in the state continue to decline since peaking in...
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