Workers’ Comp Renewals Take A Hike

Poor insurer profits this year and a domino effect from Sept. 11 terrorist attack losses are combining to send the 2002 renewal rates for workers compensation coverage skyrocketing, according to industry professionals.

Brokers and analysts described an ugly situation for many insureds, with increases ranging from more than 10 percent to over 40 percent, along with increasingly stringent contract terms.

Besides pricing their products higher, brokers said that insurers are dropping some types of coverage altogether–a factor that will boost the number of employers in residual market assigned risk pools.

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