'Sequester' May Have Indirect Impact on Workers’ Comp Rates, Says Lockton Exec

The P&C insurance industry by and large will not suffer directly from the huge cuts in government programs set to launch on March 1, but one executive at Lockton cautions that employers should remain vigilant against questionable Workers’ Comp claims as local economies feel the squeeze.

On Friday, $85 billion in cuts to the federal budget, dubbed the “sequester,” will go into effect. Every government program will feel the pinch of lost revenue, including the military. States that are heavily dependent of federal dollars, such as Hawaii where federal spending is 15.8 percent of the state’s GDP, will feel the impact, causing localized recessions. Overall, the initial impact on the nation’s GDP could be 0.3 percent.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Hosting a Super Bowl 50 party? Watch out for these 5 risks

Follow these five tips to keep your guests and your home safe during your Super Bowl 50 party.

Top Story

Win big with these 7 food safety tips for your Super Bowl 50 party

Avoid food safety penalties at your Super Bowl party by following these seven tips.

More Resources


eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.