COLORADO SPRINGS, Colo.—While insurers continue to achieve rate increases in workers' compensation, experts say it is not yet enough to make up for rising costs and low investment income.
In an interview conducted at the 99th annual Insurance Leadership Forum of the Council of Insurance Agents & Brokers this week, Craig Fundum, president of commercial markets for Zurich, said, "The industry experienced rate increases throughout the first half of 2012. In the second half of 2012, those increases are moderating a bit in some lines of business. But others, like workers' compensation, are still in need of significant rate, and increases are not moderating."
Eric J. Andersen, chief executive officer of Aon Risk Solutions Americas, a subsidiary of London-based insurance broker Aon, said the need for workers' comp rate increases is due to low investment returns and rising costs driven by medical inflation.
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