A competitive workers’ comp market remains in Michigan, avoiding major price increases experienced in other states according to a report released by the Compensation Advisory Organization of Michigan who provides advise to the Michigan Workers’ Compensation Placement Facility.
According to Michigan Financial and Insurance Services Commissioner Frank Fitzgerald, the news is good for Michigan businesses, noting that a competitive workers’ comp insurance marketplace permits businesses to take on coverage for their workers at the appropriate price.
Last year, 255 insurance carriers actively wrote workers’ comp insurance, a gain of six over the previous year. The study showed that no single company had control of more than 17 percent of the voluntary market. Despite the fact that the average net rate grew two cents in 2000, Fitzgerald found this a good sign for the state.
In 2000, Michigan’s assigned risk pool experienced the first major gain in premium placement in seven years. Michigan still remains at the national average of premium in its assigned risk facility.
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