La Porte, Michigan City and Valparaiso Facebook Twitter LinkedIn Google+


Personal Insurance

Your personal risk management strategy can have a major impact on your family’s financial bottom line. Gaps in coverage and inadequate liability protection could cost you financially.

Get Started !

Business Insurance

Risk Resource® is a four-step process utilized by General Insurance Services, Inc. to identify, develop, implement and monitor the risk management strategies for you and your business.

Get Started !

Health & Life Insurance

There are essentially two kinds of health insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses.

Get Started !


Rising medical costs, insurer profitability affect overall pricing

Employers renewing their workers compensation policies likely will pay more for the coverage as claims costs rise and insurers' combined ratios deteriorate, experts say.

Purchasers of primary and excess workers comp insurance are seeing price increases, mostly in the single-digit range, brokers and insurers say, but insurers are fighting to hold on to favored accounts.

There also have been some increases in employer retention levels as insurers tighten their underwriting standards in an attempt to improve the line's profitability, they say.

“What we are seeing happening this year is that there is a growing recognition that changes need to be made in terms of workers compensation profitability,” said Curt LeBeau, VP of insurance operations in Milwaukee for United Heartland, a unit of Accident Fund Holdings Inc. “And I think most carriers are taking some type of action to try to improve their results in the workers comp line.”

Brokers also say underwriting standards are tightening.

“They are actually underwriting and looking at losses,” said Bob Jacobsen, area VP for brokerage Arthur J Gallagher & Co. in Chicago. “The discipline is certainly back in the marketplace and, unfortunately for buyers, that means they are all going to pay more, at least in the guaranteed-cost market.”

In general, the “cream of the crop” among guarantee-cost accounts are experiencing price increases ranging from about 5% to 7%, with some 10% increases, particularly in the Midwest, Mr. Jacobsen said. Similar accounts with loss-sensitive programs may see their pricing stay flat, “but those are harder to come by,” he added.

(Full Story)
Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version
Contact Us
Latest Blog Posts   Testimonials

State AutoProgressiveTravelersMetLife
Our Locations Home Get A Quote Customer Service About Us Contact Us
General Insurance Services
Michigan City
421 Franklin Street
Michigan City, IN 46360
(219) 879-4581
(800) 961-0953
M - F 8am-5pm
General Insurance Services
4208 Calumet Ave, #100
Valparaiso, IN 46384
(219) 464-3511
(888) 844-8376
M - F 8am - 5pm
General Insurance Services
La Porte
1200 Michigan Ave.
La Porte, IN 46350
(219) 362-2113
(800) 766-4478
M - F 8am - 5pm
  Trusted Choice IIA