Articles

NCCI: Wage Growth Likely to Continue Workers Comp Payroll Growth

Despite a "significant slowdown" in job growth in 2023, a new National Council on Compensation Insurance briefing shared that "wage growth will likely continue to drive workers compensation payroll growth throughout 2024." "Employment gains slowed in 2023 from 2022; however overall payroll gains, a key metric for workers compensation, remained robust," the quarterly economics briefing said. "Addit...

Do Regulators, Insureds and Agents Understand How Reciprocal Carriers and Some New MGAs Work?

I recently read an article regarding how the U.S. Senate wants to investigate how well reserved Florida Citizens is because of their expressed concern that if a large hurricane destroys enough property insured by Florida Citizens, will Florida Citizens have the wherewithal to pay claims? That seems like a pretty reasonable question to ask and because the state is the insurer, a reasonable person m...

A Woman's Place Is in the Construction Insurance Space

As workplace barriers for minority groups have been challenged, diversity has improved in traditionally male-dominated professions. While it's encouraging to see the work being done to attract and promote women in the construction profession, there is still a very long way to go. A recent report from the Equal Opportunity Employment Commission says, "Women and people of color are underrepresented...

Trucking in Transition: Sector Faces Decline in Demand, Rising Costs and Changing Insurance Markets

The transportation market is experiencing lower freight rates and excess capacity as fewer loads are shipped with demand for goods down from its pandemic-era peak. The trucking sector in particular is encountering challenges, including ongoing driver shortages, the high price of diesel and increased operational costs. As trucking firms face tighter profit margins, they're shopping hard for lower i...