SIGs Offer Alternatives In Hard Market

The hard market is back, and as before, the rules have changed. Risk managers who experienced discounts of up to 40 percent on their workers compensation premiums a few years ago are now at manual rates.

Agents and brokers are finding themselves in the interesting position of explaining to clients why they should be “pleased” with only a 20 percent premium hike. Still, many employers in challenging industries are finding it hard to secure coverage at all as underwriters are losing their appetite for many risks.

Frustrated by their situation, risk managers are looking for ways to get off of the insurance-cycle roller coaster. Brokers and their clients are increasingly turning to alternative risk-transfer concepts–an excellent tool for generating cost savings. In addition to captive programs, there are many options in the alternative market–self-insurance groups, for example, are excellent vehicles.

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