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Workers’ Compensation Premiums on the Rise

July 14, 2011 Comments off

Workers’ Compensation Premiums on the Rise
Source: MarketScout

After three consecutive months with the composite P&C rate measuring minus 4 percent, the U.S. property and casualty market moderated in June registering a composite rate of minus 3 percent.

Rates for Business Owners Policies (BOP), Professional Liability, Directors and Officers (D&O), Employment Practices Liability Insurance (EPLI), Crime and Surety policies were flat. General Liability and Property rates were down 3 percent.

According to Richard Kerr, Chief Executive Officer of MarketScout, “It looks like workers’ compensation will be the coverage leading us out of the soft market. Rates for workers’ compensation are up 1 percent. Workers’ comp is the only coverage with an actual rate increase in June.”

Workers’ compensation rates vary by state and are impacted by local variables. One large insurer recently left the monoline workers’ compensation market and another is not accepting new business in Colorado, Georgia, Oregon or Pennsylvania. These movements are impacting pricing in those states.

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