State figures show the West Virginia Department of Military Affairs and Public Safety had the worst workers’ compensation record among state agencies over the past five years.
The department had $10.8 million in claims and paid premiums totaling $18.4 million. The department’s loss ratio was .586, meaning nearly 59 cents of every dollar collected in premiums was paid for lost time and/or medical expenses.
The Division of Highways paid $38.6 million in premiums and had claims totaling $21.6 million. Its loss ratio was .558.
The insurance commissioner’s office released the data as part of an effort to interest insurance companies in bidding to cover state agencies. That coverage is now provided by BrickStreet Mutual Co., which has said it will no longer continuing insuring the state agencies. BrickStreet is also exiting the market for volunteer fire departments.
The workers’ compensation market in West Virginia opened to other insurance carriers on July 1, 2008. BrickStreet, the former state insurer, was required to provide coverage to all governmental entities requesting coverage until July 1, 2011. Government entities had the option of moving their coverage to other carriers beginning July 1, 2010.
While BrickStreet is shrinking its share of the West Virginia market, it is expanding into other coal mining states including Pennsylvania, Illinois, Alabama, Kentucky and Virginia.
BrickStreet reported that it earned $53 million in 2010, compared to $39 million in 2009.
Topics Agencies Workers' Compensation Talent Virginia West Virginia
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