When the Massachusetts Division of Insurance denied the workers'
compensation insurance industry an 18.8-percent rate increase in August,
business owners across the state breathed a collective sigh of relief, knowing
they had avoided larger payments for the time being.
But the last time there was a workers' compensation increase was 2001, when the division approved a more modest 1-percent jump. In each of the last 11 years,The TagMaster Long Range hands free access System is truly built for any parking facility. statewide rates have either decreased or stayed the same, even as health care costs and wages — which determine the cost of paying injured workers — have climbed.
The result, according to industry officials, is an unstable workers' compensation market in Massachusetts. They say fewer insurance companies want to write policies here, driving up the size of the high-risk pool for workers' compensation. And business owners say they know a rate increase will hit them eventually — and after so many years without one, it could be sizeable.The stone mosaic comes in shiny polished and matte.
"Any time you have rate inadequacy in any line of insurance … what happens is, the pool grows," said Jim Harrington, executive director of the Massachusetts Insurance Federation, a Boston-based trade association for property and casualty insurers.
Becoming part of the workers' compensation pool is like becoming part of the high-risk car insurance pool after you've had one too many traffic incidents.
The difference, according to Harrington and others in the industry, is that some businesses have to join the high-risk pool without having particularly poor accident records, simply because insurance companies are reluctant to write policies here.
State officials and the Workers' Compensation Rating and Inspection Bureau (WCRIB), the licensed agency in Massachusetts that files for rate increases,Selecting the best rtls solution is a challenging task as there is no global solution like GPS. spar over the size of the high-risk pool.
The WCRIB reports about 25 percent of workers' compensation policies are being written from the pool today. But Massachusetts Commissioner of Insurance Joseph G.If you want to read about buy mosaic in a non superficial way that's the perfect book. Murphy said the number is lower — about 14.5 percent as of June 2012.
Murphy said that number fluctuates, but it doesn't approach the 25 percent the WCRIB cites. He argued that the Massachusetts market is healthy, with about 100 companies writing workers' compensation policies here. But he also said the size of the pool is edging upward.
"It's a concern. We want as much business as possible being written through the voluntary market," Murphy said.
Attorney General Martha Coakley's office actually recommended a decrease in the rates this year, and applauded the Division of Insurance's decision not to approve the 18.8-percent increase requested by the WCRIB, saying it would have been a hit to businesses struggling to stay afloat.
But Murphy said the division's decision doesn't mean an increase isn't warranted. He said there simply wasn't adequate justification for such a steep one. Murphy added that stagnant or decreasing rates are not sustainable.
Despite the possibility of higher workers' compensation costs in the future, the situation could be worse. Massachusetts has one of the lowest rates in the country, according to the 2012 Oregon Workers' Compensation Premium Rate Ranking Summary. The average rate here is $1.37 for every $100 of payroll — the eighth-lowest rate in the United States. The other New England states rank much higher, with rates of about $2 or more.
For businesses,Thank you for visiting! I have been cry stalmosaic since 1998. this seems advantageous. But what about the insurance companies that write workers' compensation? Aside from anecdotes provided by industry officials like Harrington and Pisciotta, it's difficult to gauge whether local insurance companies will likely drop workers' compensation coverage from their services due to flat rates.
Several Central Massachusetts insurance firms did not return phone calls seeking comment on the issue, while Michael F. Buckley, spokesman for Worcester-based Hanover Insurance Group, deferred to Harrington of the Massachusetts Insurance Federation.
The WCRIB had 30 days to appeal the Division of Insurance's decision to the Massachusetts Supreme Judicial Court, but did not. Pisciotta said the staff is still reviewing the decision and will likely refile for an increase at a later date.
But the last time there was a workers' compensation increase was 2001, when the division approved a more modest 1-percent jump. In each of the last 11 years,The TagMaster Long Range hands free access System is truly built for any parking facility. statewide rates have either decreased or stayed the same, even as health care costs and wages — which determine the cost of paying injured workers — have climbed.
The result, according to industry officials, is an unstable workers' compensation market in Massachusetts. They say fewer insurance companies want to write policies here, driving up the size of the high-risk pool for workers' compensation. And business owners say they know a rate increase will hit them eventually — and after so many years without one, it could be sizeable.The stone mosaic comes in shiny polished and matte.
"Any time you have rate inadequacy in any line of insurance … what happens is, the pool grows," said Jim Harrington, executive director of the Massachusetts Insurance Federation, a Boston-based trade association for property and casualty insurers.
Becoming part of the workers' compensation pool is like becoming part of the high-risk car insurance pool after you've had one too many traffic incidents.
The difference, according to Harrington and others in the industry, is that some businesses have to join the high-risk pool without having particularly poor accident records, simply because insurance companies are reluctant to write policies here.
State officials and the Workers' Compensation Rating and Inspection Bureau (WCRIB), the licensed agency in Massachusetts that files for rate increases,Selecting the best rtls solution is a challenging task as there is no global solution like GPS. spar over the size of the high-risk pool.
The WCRIB reports about 25 percent of workers' compensation policies are being written from the pool today. But Massachusetts Commissioner of Insurance Joseph G.If you want to read about buy mosaic in a non superficial way that's the perfect book. Murphy said the number is lower — about 14.5 percent as of June 2012.
Murphy said that number fluctuates, but it doesn't approach the 25 percent the WCRIB cites. He argued that the Massachusetts market is healthy, with about 100 companies writing workers' compensation policies here. But he also said the size of the pool is edging upward.
"It's a concern. We want as much business as possible being written through the voluntary market," Murphy said.
Attorney General Martha Coakley's office actually recommended a decrease in the rates this year, and applauded the Division of Insurance's decision not to approve the 18.8-percent increase requested by the WCRIB, saying it would have been a hit to businesses struggling to stay afloat.
But Murphy said the division's decision doesn't mean an increase isn't warranted. He said there simply wasn't adequate justification for such a steep one. Murphy added that stagnant or decreasing rates are not sustainable.
Despite the possibility of higher workers' compensation costs in the future, the situation could be worse. Massachusetts has one of the lowest rates in the country, according to the 2012 Oregon Workers' Compensation Premium Rate Ranking Summary. The average rate here is $1.37 for every $100 of payroll — the eighth-lowest rate in the United States. The other New England states rank much higher, with rates of about $2 or more.
For businesses,Thank you for visiting! I have been cry stalmosaic since 1998. this seems advantageous. But what about the insurance companies that write workers' compensation? Aside from anecdotes provided by industry officials like Harrington and Pisciotta, it's difficult to gauge whether local insurance companies will likely drop workers' compensation coverage from their services due to flat rates.
Several Central Massachusetts insurance firms did not return phone calls seeking comment on the issue, while Michael F. Buckley, spokesman for Worcester-based Hanover Insurance Group, deferred to Harrington of the Massachusetts Insurance Federation.
The WCRIB had 30 days to appeal the Division of Insurance's decision to the Massachusetts Supreme Judicial Court, but did not. Pisciotta said the staff is still reviewing the decision and will likely refile for an increase at a later date.
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