"It's certainly clear that the premium base will be declining," Harry Shuford, chief economist for the National Council on Compensation Insurance, said in last week's issue of "BestWeek" U.S./Canada. With fewer jobs, some companies are seeing upward pressure on rates. "We have the same exposure, but we lost 10-15% of premium," said Joe Treacy, assistant vice president, workers' compensation products and development for Hartford Insurance Group.
Recession a Bane and a Boon to Workers’ Comp Writers
The ongoing recession is taking a toll on the U.S. workers' compensation industry, but that bane is not without a boon as well. Job cuts, particularly in construction and manufacturing, are putting downward pressure on revenue from written premiums.
Source: Source: BestWeek | Published on July 2, 2009
Are you retail Agent Looking for a Quote?