What a difference a year makes. Towers Watson’s most recent Commercial Lines Insurance Pricing Survey (CLIPS) shows that commercial insurance prices rose again by 3 percent in aggregate during the third quarter of 2014, drawing a line after five consecutive quarters of moderating price increases. The chart below compares the change in price level reported...
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Work comp in 2015 – predictions from around the web
Before I make my annual predictions for the coming year, I decided to find out what other experts are saying and what external factors may drive the industry. Here’s a quick summary. Work comp combined ratios will continue to improve as premiums hit an eight-year high this year; we can expect continued good news in 2015. These good...
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Joe Paduda’s Pre-Vacation Catch-up
Leaving tomorrow for eight days away, so today’s a quick catch-up. First up, the news that there’s been a dramatic increase in investor interest in addiction rehab. The market for services will increase to $35 billion this year, up more than 50% over the last decade. In a deal emblematic of the industry transition, Acadia will buy Bain...
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The Prohibited Acts Doctrine: Do Not Pass GO; Do Not Collect $200
The Prohibited Acts Doctrine is used in workers’ compensation cases as a primary liability defense. While this defense is something every claims management team should explore in workplace injuries, it is often difficult to employ successfully. A Hypothetical Consider the case of a truck driver. As part of the hiring process, the employee underwent a...
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Joe Paduda Looks at PPACA
Let’s stipulate that the US health care “system” was and is a mess. Our costs are about twice as high as other industrialized countries’, outcomes are not as good, and for consumers and purchasers, it is confusing as hell. The question is, is PPACA making it better? There’s no question the PPACA has a lot...
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‘Obamacare’ Expert Apologizes For Remarks On Law’s Creation
The man described as an architect of the Affordable Care Act who said the “stupidity of the American voter” was critical in getting the law to pass apologized during a congressional hearing today for his remarks. “I would like to begin by apologizing sincerely for the offending comments that I made,” Jonathan Gruber, a health...
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Sony Cyber Attack Breaks New Ground
More news keeps tumbling in the wake of the recent cyber attack at Sony Pictures Entertainment—Sony’s second major hacker attack in three years—and it’s not good. The fact that the breach has exposed employee information ranging from salaries to medical records to social security numbers to home addresses, not to mention five yet-to-be-released Sony movies, causing...
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In Memorium: Gordon C. Stewart 1939-2014
I.I.I. president Dr. Robert Hartwig shares his thoughts on the passing of his predecessor Gordon Stewart: The Insurance Information Institute lost one of its own last week with the passing of its former president, Gordon Stewart, at the age of 75. Like many, I was deeply saddened to hear of his passing when his wife,...
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Oregon Workers Comp Rates among Nation’s Lowest
Many employers in Oregon had to be happy with recent news regarding workers compensation rates. Oregon’s workers comp rates continue to be among the lowest in the nation, according to data released recently by the Oregon Department of Consumer and Business Services (DCBS). The biennial study ranks all 50 states and Washington, D.C., based on rates...
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The Advantages of Online Benefit Administration
Over the last several years even smaller companies have been taking benefit communications and decision-support systems online. With a voluntary benefit program, your benefit vendor will handle all administration, including employee enrollments, questions and claims problems. Selecting a benefit vendor with a robust online support system can enhance satisfaction with your voluntary benefit programs. Some...
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