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Workers Comp Pricing – 10 Years of Great Results

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10 Years of Workers Comp Pricing Shines Compared to Other P&C Lines

A Workers Comp pricing chart shows how successful Workers Comp has become over the other Property and Casualty lines

I was reading through one of my recommended publications – Business Insurance – last week when I came across an astounding chart in an article by Gavin Souter.  You can find the article here.  You will have to download the whole PDF.  Page 14 contains the article. Scan the other 43 pages for good insurance info – worth your time.  The article goes on to interview different Risk Managers and experts on how they are adjusting to the new pricing models.

The chart below from the article made me stop and notice the difference between the P&C lines.  Workers Comp pricing looks to have performed well. The below chart from the article  Yes, the decreases in pricing were modest.

Compared to the other P&C lines, this should be a success story for workers comp pricing and in general over the last decade.  One only has to see in the chart how the Property Lines pricing has spiked over time along with umbrella coverages.

chart p&c lines including workers comp pricing charts for last decade
(C0 Business Insurance with Marsh, CIAB, Ivans , and MarketScout as sources

Bottom Line

At the 2022 NCCI Annual Insights Symposium, Dr. Bob Hartwig said that workers compensation is healthy and paying claims timely.

Many of our clients have expressed concern over the recent sharp increases in insurance pricing.  At least  WC pricing has remained stable over the last decade.  One only has to look at the 1990s to see the last time a true workers comp crisis was unfolding even with the number of claims reducing during the same period.

What does this look at workers comp pricing mean for the future?  Workers Comp price increases are likely coming due to increased claim values.  I will write another article on the upcoming price increases soon.

 

 

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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

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