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Florida ranks the worst in terms of tort costs and litigation risks, while North Dakota ranks the best. In a separate ranking, Colorado has the best tort laws on its books, while Rhode Island has the worst. The free-market think tank Pacific Research Institute has released its report comparing the legal climates of all 50 states, the U.S. Tort Liability Index: 2008 Report. “In the competition for jobs and capital investment among the states, those states that suffer from high tort costs and litigiousness will continue to lose jobs and businesses to states with superior tort systems. PRI developed the… Read More »2008 State Rankings: Sinners and Saints Among Tort Systems

California’s Workers’ Compensation Insurance Rating Bureau has released a study that notes that following workers’ comp reform, statewide average ratios of loss adjustment expense (LAE) to loss per claim have increased. However, depending on how various legal issues are resolved and whether reforms are rolled back, that LAE costs could increase. WCIRB conducted an analysis of LAE trends and projection methodologies, given the increase in LAE to loss ratios, as well as other factors. The resultant report, titled, “Analysis of Loss Adjustment Expense Trends,” found that: – Following the reforms, LAE amounts did not decline and, as a result, LAE… Read More »Study: California Workers’ Comp Claims Cost Decreasing

California State Compensation Insurance Fund has been facing many changes recently, but it has no intent to be the dominant player in the state workers’ compensation insurance market, according to Janet Frank, SCIF’s CEO. Looking back at the Fund’s 94-year history, SCIF has an “average sweet spot of 18 to 24 percent market share,” she said. Frank, who was appointed CEO of State Fund six months ago in October 2007, was a featured speaker at yesterday’s ninth annual Educational Forum “Forecasting the Future.” At the event, which was hosted by the Insurance Industry Charitable Foundation, Insurance Educational Association and Mt.… Read More »A Fresh Look at the State Fund