Rates News

Texas to Hold Hearings on Workers’ Comp Rates and Relativities

The Texas Department of Insurance has scheduled public hearings to review rates charged by insurers for workers’ compensation insurance in this state, and to consider revised Texas workers’ compensation classification relativities. The hearings will proceed consecutively, and will begin at …

Competition Softens Rate Hikes for Architects, Engineers in 2014: Survey

Although most insurers providing professional liability insurance for architects and engineers sought to raise rates last year, the size of the increases generally failed to meet their expectations. Nevertheless, nearly all leading insurers offering this specialty coverage did see premium …

Washington Fines 4 Insurance Companies For Overcharging

Insurance Commissioner Mike Kreidler is fining four insurance companies for overcharging consumers in Washington state. Kreidler’s office said Tuesday that Hartford Accident and Indemnity Co., Hartford Casualty Insurance Co., Hartford Insurance Co. of the Midwest, and Trumbull Insurance Co. have …

Calif. Auto Insurance Down over Quarter-Century, Groups Debate Why

The average California auto insurance expenditure fell from 1989 to 2010, while every other state in the nation saw substantial increases over that same period, according to a Consumer Federation of America analysis auto insurance expenditures. The group attributes the …

Ohio Reduces Workers’ Comp Rate for Local Governments by 5%

The Ohio Bureau of Workers’ Compensation Board of Directors has approved a proposed reduction in average rates for public employer taxing districts by 5 percent. This marks the fourth consecutive year in which public employer rates have been reduced by …

Correction: Work Comp Premiums in Texas Drop by 49% Since 2005

Texas employers are seeing a major reduction in workers’ compensation insurance premiums, an insurance trade group reports. The Insurance Council of Texas (ICT) says reforms in House Bill 7, passed in 2005, and earlier legislation have improved the efficiency of …

Calif. State Fund May Recommend Workers’ Comp Rate Drop in Days

Editor’s Note: This is the second in a series of articles to look at California’s workers’ compensation reform law in detail and what must be done to implement that law by Jan. 1, 2013. California’s State Compensation Insurance Fund board …

Michigan Workers’ Compensation Rates to Drop Again

Michigan’s regulators say the state’s workers’ compensation premium rates are dropping for the second year in a row. Michigan Department of Licensing & Regulatory Affairs (LARA) Director Steven H. Hilfinger announced that the pure premium advisory rates for workers’ compensation …

Texas Wind Pool: $800M Available for Claims Should Storm Hit Coast

Going into the peak time of the year for hurricane development, Texas’ property insurance company of last resort in coastal areas has around $800 million in available cash to immediately handle claims in the event a storm hits the state’s …

NCCI Proposes 9.1% Cut in West Virginia Workers’ Comp Rates

West Virginia employers can look forward to another reduction in their workers’ compensation rates after state officials welcomed a National Council on Compensation proposed statewide average 9.1 percent decrease in loss cost rates. Ever since West Virginia moved from operating …