Rates Rise, Exposures DipIn WC Roller Coaster Ride

Writing workers compensation insurance these days must feel a lot like riding on a roller coaster. The ups and downs of the workers’ comp market have rivaled anything the best of the modern coasters can dish out.

Even as workers’ comp writers stomachs are recovering from the free-fall in pricing through 1999, market hardening has sent renewal premium increases toward dizzying heights (at least from the insureds perspective).

A Conning and Company survey of brokers and agents this spring found that renewal quotes for workers compensation coverage recently have averaged a 14 percent increase relative to last years premiums. In terms of pricing change, this represents a remarkable 22.5 percentage point turnaround from the rate declines reported in the spring of 1999.

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