Workers' Comp

Disasters, calamities, tragedies, or catastrophes—no matter what we call them, these events happen on a regular basis, and more recent occurrences tend to cancel out memories of the older ones.

W.R. Berkley Corp. says second-quarter net income fell about 25 percent as catastrophes during the period more than doubled compared to last year.

American International Group Inc. says a federal judge has given preliminary approval to a $450 million settlement it reached with a handful of companies that alleged AIG cheated a workers compensation program.

Nearly $32 million in grants has been awarded to Calif. law enforcement to assist with the investigation and prosecution of workers compensation insurance fraud.

While it’s important to celebrate the centennial of the workers’ compensation system, I’d be remiss in not considering the considerable challenges facing insurers and risk managers in the years and decades to come.

While property and casualty insurers have benefitted from favorable loss-reserve development in recent years, a Keefe, Bruyette & Woods analysis contends that accident years 2008 to 2010 are underreserved and that adverse development will result in the future.