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Lower X-Mode for California Businesses

California employers saw lower experience modifications in 2010, thanks to changes to the experience rating formula. On Nov. 9, 2009, California Insurance Commissioner Steve Poizner issued a decision approving several changes to the experience rating formula including updated credibility values (“B” and “W” values) and a revised mechanism for segregating claims into their primary and excess components. These changes were proposed by the WCIRB at the recommendation of the Experience Rating Task Force and are intended to simplify the experience rating system and improve its predictive accuracy. The WCIRB conducted an analysis of the approximately 115,000 2010 experience modifications that were… Read More »Lower X-Mode for California Businesses

Insurance Ribbon News

2011 property/casualty outlook much like 2010 The U.S. property/casualty insurance market’s prospects are unlikely to improve next year as competition continues to promote inadequate pricing and there is no sign of meaningful change in underwriting capacity, Fitch Ratings (New York based rating agency) said in an analysis. Record premium volume placed in London market Insurance premium volume hit a record last year in the London market, according to an analysis released Wednesday. Texas unemployment insurance tax rates goes up in 2011 The standard minimum unemployment insurance (UI) tax rate paid by Texas employers in calendar year (CY) 2011 will be… Read More »Insurance Ribbon News

State Fund: New Broom Sweeps Clean in New Way

California State Workers Compensation Insurance Fund was infamous for its policies and procedures, not competitive pricing, time it takes to get insurance quotes, and many other things. But the recent news we get from State Fund inspire for new better company. For example, SCIF targets $200MM in operating cost saving, by consolidating it’s underwriting and claims teams and reducing number of offices. Also, they change their notification policy on certificates of insurance and cancellation / reinstatement notices. I hope to see better and competitive State Fund. The only fear I have, those changes will eventually lead to a worsen situation,… Read More »State Fund: New Broom Sweeps Clean in New Way

Hard Market – First Signs of New 2011

Several years ago we have attended Zurich insurance company conference for insurance professionals. Everything was there: interesting people, interesting meetings, interesting facts. For example, Zurich was one of the pioneers in insurance technology, introducing first online rating system for agents, in the U.S. Today Zurich Insurance Company is one of the major players on the world insurance arena. At that convention, Zurich NA Director of Sales (former) said that the hard market is was in the past and will be way in the future. It looks like the future has come: the insurance and reinsurance industry will come under pressure… Read More »Hard Market – First Signs of New 2011

Ten Executions – Water Scarcity

Seven years ago I was working in Palo Alto private school. One hot summer day I was standing outside the school yard, talking to a stranger slash daddy of a pupil. – There are two major problems, that I see are forthcoming soon, – he said stroking his motorcycle helmet, – China becomes a supreme power – and this is the U.S. problem and the shortage of water – global disaster. I think we can deal with the first one, as long as the second one is not coming true. Now it seems like the first one hasn’t kicked off,… Read More »Ten Executions – Water Scarcity

Equipment Dealers Coverage

Once again Travelers is on the industry edge introducing coverage for equipment dealers that provides custom-designed coverage to help protect against the unique risks and exposures in the equipment distribution industry. Available through Paperless Insurance Services, IndustryEdge for Equipment Dealers offers broad coverage for those engaged in the sale, lease, rent, service or repair of the following types of equipment or machinery: Construction equipment including excavation and grading, mining and quarrying, and concrete processing. Industrial machinery and equipment including cement making, food processing and other machinery, as well as heat exchange, material handling and packing equipment. Farm equipment dealers including cultivating,… Read More »Equipment Dealers Coverage

Use of Confidential Information in Court

A plaintiff in a sex discrimination and retaliation lawsuit who copied confidential information and gave it to her attorney to support her case engaged in protected activity, the New Jersey Supreme Court ruled 5-2 in an opinion that could be influential. Plaintiff;s attorney said the decision is “extremely crucial because it determines how employees can talk to their lawyers.” Even top executives when they “come to us for representation often have to relate to us confidential company information in order to explain what their problem is.” He also said under the New Jersey Supreme Court’s decision, which is likely to… Read More »Use of Confidential Information in Court

Pay as You Go Insurance Approved in California

California Insurance Commissioner Steve Poizner has approved filings by the Automobile Club of Southern California and State Farm Mutual Automobile Insurance to offer pay-as-you-drive insurance. The PAYD Insurance program will allow insurers to offer plans based on a verified and more accurate mileage, so that people who choose to drive less will pay less for auto insurance. “We implemented a verified mileage program because we expect that it will provide more accurate, lower rates to policyholders who choose to participate in the program,” said Christopher Baggaley, senior vice president of insurance operations for Auto Club. “Drive Safe & Save” will… Read More »Pay as You Go Insurance Approved in California

New Premium Comparisons for Personal Auto Insurance

…at this time in the State of Ohio only… Ohio Department of Insurance Director Mary Jo Hudson announced a new online tool designed to educate and assist Ohioans in finding auto insurance that fits their needs. The Auto Insurance Sample Premium Calculator, available at www.insurance.ohio.gov, can be used to compare sample premium quotes voluntarily provided by participating insurance companies as well as obtain contact information for these companies. It was developed through the combined efforts of the insurance department and members of the auto insurance industry in Ohio. Here is how the Auto Insurance Sample Premium Calculator works: The consumer is… Read More »New Premium Comparisons for Personal Auto Insurance

New CEO at California State Fund

California’s State Compensation Insurance Fund has named Tom D. Clark as its chief operating officer. Clark, who assumes his new role on December 1, will replace Harrison D. Jerome, who retires at the end of the year. Clark, a 30-year veteran of the workers’ compensation insurance carrier, will oversee marketing, safety, and field operations, as well as purchasing inhis new role. He has extensive experience in claims, all aspects of customer service, regional management in Stockton and Sacramento, and marketing. He most recently served as State Fund’s president of field operations and has helped solidify business relations with insurance brokers… Read More »New CEO at California State Fund