Insurance Journal - The aging workforce may not have the negative impact on loss costs that workers compensation insurers have feared. New research from the industrys National Council on Compensation Insurance (NCCI) also concludes that while loss costs are higher for older workers due to the severity of their claims, these costs tend to be accounted for in higher premiums, which are based on the higher wages earned by older workers. The new study, “Workers Compensation and the Aging Workforce,” found that workers compensation claims frequency has fallen across all age groups and differences by age have narrowed.
Friday, January 06, 2012
Insurance Journal - Jay-Z may have 99 problems, but missing workers comp insurance payments isnt one of them. The judgement against the rapper and the court-ordered $18,000 fine will be vacated in a few days, according to a report from New York Post. After consulting with the employers insurer, the Workers Compensation Board of New York expects the matter to be resolved soon, resulting in the judgment being vacated, according to the report. The Workers Compensation Board previously sued the “99 Problems” rapper, accusing him of failing to make workers comp payments for his domestic staff.
Thursday, January 05, 2012
Michigan Workers Compensation costs per claim grew slowly, reflecting offsetting recessionary pressures, says study
Workers Compensation research Institute - The deep recession in Michigan is impacting the workers compensation system there as some costs per claim rose slowly, according to a new study, CompScope™ Benchmarks for Michigan, 12th Edition, by the Workers Compensation Research Institute (WCRI). Amid recessionary pressures, indemnity costs per claimpayments for lost wages grew modestly between 2008 and 2009, rising 3.4 percent. This was less than the typical six percent increase of the 16 states in the national study.
Wednesday, January 04, 2012
Bloomberg Businessweek - Gov. Nikki Haley has named an acting chief of South Carolinas insurance agency following the directors abrupt resignation. Haley made Gwen Fuller McGriff acting director. Haley informed legislative leaders of her choice in a letter Wednesday evening, soon after 54-year-old Director David Black resigned without explanation. He informed employees of his decision in an email Wednesday afternoon. His resignation was effective immediately.
Friday, December 30, 2011
Work Loss Data Institute - Work Loss Data Institute (WLDI) announces the release of its 2012 State Report Cards for Workers’ Comp, now with 10 years of data, which is used to track trends and give states a grade and tier ranking based on their performance from 2000-2009. Forty-three states are covered, plus Puerto Rico, Guam and the Virgin Islands. WLDI’s State Report Cards are based on data from OSHA Forms 300 and 200, which cover all OSHA recordable injuries and illnesses and provide the basis for rating state-by-state workers’ compensation performance.
Thursday, December 29, 2011
Insurance Networking News - Allstate Insurance Co. is seeking to recover $6.3 million against 83 New York-area defendants in its seventh insurance fraud lawsuit of 2011. The complaint, filed under the Racketeer Influenced and Corrupt Organizations Act (RICO) and principles of common law, alleges that the defendants engaged in separate, but parallel, schemes in which fraudulent and misleading bills were submitted to Allstate for durable medical equipment, medical supplies and orthotic devices.
Tuesday, December 27, 2011
Risk and Insurance - "Against a backdrop of high unemployment, some injured workers may face even greater challenges in returning to work," says the Workers Compensation Research Institute. "Identifying system features that promote early RTW and understanding those that create barriers to RTW can help policymakers focus on win-win opportunities for both injured workers and employers."In its report, Factors Influencing Return to Work for Injured Workers: Lessons from Pennsylvania and Wisconsin, WCRI explored the workers comp systems of two states that until recently had reported better RTW outcomes than other states.
Friday, December 23, 2011
kdvr.com - Boulder Police and fire officials are investigating the cause of a blaze that severely damaged the Kappa Alpha Theta sorority house at the University of Colorado. The fire was first reported shortly after 9 p.m. Monday at the three-story building at 1333 University Ave. “When firefighters arrived, the attic of the building was very involved and heavy smoke could be seen,” said Boulder Fire spokeswoman Kim Kobel. “The attic is not covered by the buildings sprinkler system.”
Wednesday, December 21, 2011
Huffington Post - Seven people suffered minor injuries when a runaway electric cart raced unmanned from an end zone to midfield and plowed into them after a high school football playoff game in Texas. The incident happened after Spring Dekaney beat Cibolo Steele, 34-14, to win the Texas 5A Division II football title at Cowboys Stadium in Arlington on Saturday night. Of the seven treated for minor injuries at the stadium, one man with leg abrasions was taken to a nearby hospital for a precautionary examination, Arlington Fire Lt. Darrel Whitfield said Sunday.
Tuesday, December 20, 2011
Risk and Insurance - A logging company contracted with a carrier for workers compensation insurance coverage. After the policy period ended, the carrier executed an audit resulting in an invoice to the company for an additional payment for the policy period. The company also renewed the policy for the subsequent year. The carrier sent a notice of additional premium to supplement the estimated premium the company paid for the subsequent year. The carrier then sent a notice canceling the policy for the companys failure to pay additional amounts on the policy.
Tuesday, December 20, 2011