Workers Comp Rates Will Continue Upward Trend in 2013

Worker Comp Rates Will Continue to Upward Trend in 2013

Worker Comp Rates Will Continue Upward Trend in 2013

Workers Comp rates across the country continue to see an uptick. In September, MarketScout cited an increase of 6% for Comp rates.  Furthermore, according to Dr. Robert Hartwig, president of the Insurance Information Institute (I.I.I.), we have seen workers comp‘s most recent renewals in mid-2012 up about 8%. Earlier in the year and late in 2011, renewals were up about 7.5%.

Additionally, according to Hartwig who spoke at Business Insurance’s Workers Compensation 2012 Virtual Conference, the price increase trend is likely to continue into 2013 because increases are needed to turn around insurers’ poor underwriting results. What’s more, wage growth in general along with slow but steady job growth in several sectors have helped drive an increase in the workers comp exposure base. This is good news as an “enormous amount” of insurable workers compensation will be unlocked as the economy creates more jobs.

The states with the highest Workers Comp rates:

1. Alaska

2. Connecticut

3. California

4. Illinois

5. New York

6. Oklahoma

7. New Jersey

8. Montana

9. New Hampshire

10. Maine

The three states with the lowest Comp rates include:  North Dakota, Indiana, and Arkansas, respectively.

At Caitlin-Morgan, our strong underwriting expertise has enabled us to provide our brokers and their clients with Workers Comp markets through fluctuating markets . You can be assured we will continue to do so as the market firms and rates continue to rise. Our experience in the areas of underwriting, claims management, and loss prevention will help you secure coverage for all types and size companies, including those that are tough to place.  Give us a call for more information about our workers comp programs 877.226.1027.

Source: MarketScout, Business Insurance