MarketScout: Workers Comp Watch

Workers compensation is the line to watch, according to the latest analysis on market conditions from online insurance exchange MarketScout. It noted that workers compensation rates were down two percent in March, compared to a decrease of 5 percent in February. “This is a significant month-on-month movement. If workers compensation premiums continue to moderate over the next several months, it will be a clear sign that comp insurers are beginning to increase premiums,† said Richard Kerr, CEO of MarketScout. The upcoming publication of new data from the National Council on Compensation Insurance (NCCI) may give further indications of what can be expected for comp pricing for the rest of 2010, Kerr added. The comments came as MarketScout reported the average property/casualty rate decrease was 4 percent in March, compared to 7 percent a year ago. Directors and officers liability and surety rates were flat with both coverages showing a zero base level, meaning policies were renewed as expiring with no rate increases or decreases, according to MarketScout. Jumbo and large accounts continue to enjoy the greatest rate reductions, while small to medium accounts are receiving only moderate rate reductions. Rates moderated for energy, manufacturing and public entities. All other industry classes maintained the same rate position as in February. Check out I.I.I. information on workers compensation.

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