Compliance

Workers’ Compensation Sees Cost Spike in Third Quarter: Towers Watson

By Roberto Ceniceros

Dec. 14, 2012

Workers’ compensation insurance costs showed some of the largest increases when comparing third-quarter 2012 commercial insurance prices with those for the same period in 2011, according to data released Dec. 10.

Aggregate commercial insurance prices rose 6 percent during the third quarter of 2012, marking the seventh consecutive quarter that pricing for all commercial lines increased, according to the information released by New York-based Towers Watson & Co.

“The largest price increases year over year included workers’ compensation, now approaching double digits, and employment practices liability, followed closely by commercial property, where price increases have moderated somewhat since last quarter,” Towers Watson reported, based on new and renewal business information provided by insurers.

The information provided by 39 insurers representing about 20 percent of the U.S. commercial insurance market also revealed that the insurers’ loss ratios improved by more than 3 percentage points to date for accident-year 2012, when compared with the same period last year.

“If this level is maintained through year-end and as losses develop, it will indicate a reversal from the estimated 4 percent deterioration between 2010 and 2011,” Towers Watson reported.

Roberto Ceniceros writes for Business Insurance, a sister publication of Workforce Management. Comment below or email editors@workforce.com.

Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers.

Roberto Ceniceros writes for Business Insurance, a sister publication of Workforce Management.

About Workforce.com

blog workforce

We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.

Book a call
See the software

Related Articles

workforce blog

Compliance

California fast food workers bill: why it’s more than meets the eye and how to prepare

Summary: California signs bill establishing a “fast food council” that has the power to raise the indus...

workforce blog

Compliance

Minimum Wage by State in 2022 – All You Need to Know

Summary The federal minimum wage rate is $7.25, but the rate is higher in 30 states, along with Washing...

federal law, minimum wage, pay rates, state law, wage law compliance

workforce blog

Compliance

Supreme Court blocks vaccine mandate for large businesses, upholds for healthcare facilities

Summary Supreme Court blocks vaccine-or-test mandate for 100+ staff businesses Vaccine mandate for Medi...

compliance, COVID-19, Healthcare, mandate, OSHA, U.S. Supreme Court, vaccination