According to Conning Research & Consulting, insurance companies nationwide are raising rates in most workers’ compensation insurance classifications. The insurance company underwriters are also taking a more conservative view when considering new customers and when making renewal proposal offers to their current customers.
The rising medical costs & lower returns on investments have caused the insurance industry to enter into a new cycle of passing on their costs through higher rates to employers.
Many folks may not remember, but employers have enjoyed lower rates for the past few years. It seems that every 5 or so years we all participate in this roller coast rise and fall of rates. Unfortunately, the rising rates have come at time when most employers continue to struggle financially.
You may go to Insurance Networking News for more information.
For a detailed assessment of your organization’s situation contact me at 916-265-3837 or email firstname.lastname@example.org.