Liberty Mutual’s CEO left no doubt as to where he believes the blame lies for inadequate Workers’ Compensation rate levels: the states, criticizing New York and Massachusetts in particular for not approving steeper increases.
During a recent conference call to discuss the Boston-based company’s results, President & CEO David H. Long said Workers’ Comp rate increases in the second quarter were in line with increases seen in the first quarter—up about 9 percent.
However, he added, “I’ve said it before, much more is needed for us and the industry to become profitable in that line.”
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