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Article: Further rate hikes ahead for workers comp market; Business Insurance Workers Compensation and Disability Management Conference.(Insurance industry price inreases)
- Article from:
- Business Insurance
- Article date:
- November 11, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JOANNE WOJCIK
SAN FRANCISCO-The workers compensation insurance market is a mixed bag of good and bad news for employers.
The good news is that many employers have been reaping huge savings over the past decade because of the success of managed care and state reforms.
The bad news is that, even with an average 13.5% increase in premiums last year, workers compensation insurers are not yet flush and will likely seek further rate hikes to catch up.
While everyone is quick to blame the Sept. 11, 2001, terrorist attacks, the workers comp market was becoming more challenging before then, said Tim Hornung, risk analyst at Snap-On Inc. ...