The Michigan Retailers Association (MRA), based in Lansing, Mich., announced that its self-funded workers’ compensation insurance program, Retailers Fund, is doing a significantly better job than other workers’ compensation insurers of controlling claims and costs, according to a new insurance industry study.
The study by Midwest Employers Casualty Company showed that Retailers Fund had fewer claims and a lower average cost per claim compared with a benchmark based on an identical mix of work comp payroll classifications from the rest of the state’s insurers.
During the four years from 1998 to 2001, Retailers Fund participants reported 32 percent fewer workplace injuries than other Michigan retailers, according to the study. In addition, the fund spent an average of 36 percent less on each claim than the industry average.
As a result, total claims costs for Retailers Fund were 56 percent lower than those of other insurers for comparable retailers. The fund saved more than $4.8 million in medical and lost wage benefits during the four-year period, compared to the industry benchmark.
Retailers Fund administrator James P. Hallan said the report confirms the value of members’ solid safety practices and the fund’s active claims management.
Was this article valuable?
Here are more articles you may enjoy.
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Former Congressman Charged After Collision with State Trooper in Florida 
