JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

Workers Comp Hard Markets and China Financial Crisis

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

New Workers Comp Hard Markets May Come From China

The Workers Comp hard markets of old have almost a fairytale connotation.  Many insurance workers and press may have only seen soft markets.   Workers comp hard markets still exists today.   It is sectional or just hardening for certain markets.financial records

Hand Presenting Financial Workers Comp Hard Markets Crisis Concept
StockUnlimited

The trucking and temporary personnel agency markets are but two that have felt the searing pain of no carrier willing to write in those marketplaces.   Carriers are risk-averse most of the time as there is limited profit in WC insurance.

China’s financial market turmoils have been the subject of more than one article written by me.   Following the prior link to the article written last year will explain it more fully.

Earlier this week a financial red light started flashing for the China economy.   A banking crisis in China would have far reaching effects and would affect the insurance markets.   One reason for this effect is the amount of  investment China has made in the American financial markets including insurance.

Has anyone heard of the Bank for International Settlements (BIS)?   According to the linked article, they are the number one worldwide financial watchdog.

The BIS posted to its quarterly report that China‘s credit to GDP gap had:

  • Reached 30.1- the highest to date
  • In a different league altogether from any other major country tracked by the institution
  • Significantly higher than the scores in East Asia’s speculative boom in 1997 or in;
  • The US subprime bubble before the Lehman crisis.

The comparison to the subprime bubble should raise more than a few eyebrows.  Hold onto to your office chairs, it may be a bumpy ride.

©J&L Risk Management Inc Copyright Notice

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Table of Contents

Related...

James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.