Gov Quinn and his workers comp reform working as expected. Raising cost and not lower costs. Now, Madigan & Company want to spot $10mill of tax payer money for a new start up company. Probably work as well as Land of Lincoln did.
Take it from me, an underwriter in the workers comp field for a billion dollar carrier: costs have come down in Illinois dramatically over the past 5 years. Wherein the state used to be a top 5 or 6 state for rates had turned into just another middle of the road state.
It’s not Indiana or Michigan, sure, but they are too cheap as it is right now. Claims and costs keep going up, and the political regulators from all these states keep recommending and approving rate decreases. Lots of carriers are going to get out of these markets because they won’t be able to makw any money. In North Carolina, for example, carriers are dealing with a 50% decrease over the past 5 years! The acetate carrier there loses 12 cents on the dollar for every premium dollar they write. It is unsustainable!
Gov Quinn and his workers comp reform working as expected. Raising cost and not lower costs. Now, Madigan & Company want to spot $10mill of tax payer money for a new start up company. Probably work as well as Land of Lincoln did.
FFA, why are we not surprised that Illinois has higher costs?
Take it from me, an underwriter in the workers comp field for a billion dollar carrier: costs have come down in Illinois dramatically over the past 5 years. Wherein the state used to be a top 5 or 6 state for rates had turned into just another middle of the road state.
It’s not Indiana or Michigan, sure, but they are too cheap as it is right now. Claims and costs keep going up, and the political regulators from all these states keep recommending and approving rate decreases. Lots of carriers are going to get out of these markets because they won’t be able to makw any money. In North Carolina, for example, carriers are dealing with a 50% decrease over the past 5 years! The acetate carrier there loses 12 cents on the dollar for every premium dollar they write. It is unsustainable!
In Texas, costs for WC have kept going down and Texas Mutual keeps paying record dividends to their policyholders. Must be a great WC carrier, right?