Printer Friendly

Assuring insurers.

Assuring Insurers

As if rising health insurance rates are not enough, get ready, businessmen, for an increase in your Worker's Compensation insurance rates. (The two are related, an industry insider points out.)

A rate spike of 24.4 percent has been suggested for Arkansas businesses by the National Council on Compensation Insurance, an advisory organization that makes rate change recommendations to states on behalf of insurers. This translates to an annual state increase of $55 million dollars, all to come from the businessman's checkbook.

And one insider says he wouldn't be surprised to see an amended filing asking for even more.

The state Insurance Commission got the NCCI recommendation on Oct. 3 and hired an actuary to review the filing. It expects to make a ruling by late December, and an approved increase would go into effect Jan. 1, 1991. This is the same procedure that was followed last year when NCCI asked for about a 18 percent increase and the state granted 3.5 percent.

The largest annual increase the state has authorized recently was 18% in 1986.

It could be worse, points out Lee Douglass of the state Insurance Commission. NCCI has suggested increases of 30-50 percent for some states. Be thankful we don't live in a big logging state - that industry's rates are always the worst.
COPYRIGHT 1990 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Whispers; increase in Arkansas Worker's Compensation insurance rates
Publication:Arkansas Business
Date:Nov 26, 1990
Words:219
Previous Article:Adding a cent's worth to deal with Diamond.
Next Article:Realtors moving around.
Topics:


Related Articles
Premium price: rising workmen's compensation costs nail contractors.
Reforming workers' comp.
Workers' comp rates to rise 10.1 percent. (Insurance Update).
Workers' comp market remains stable: Arkansas rates rise slightly after eight years of declines equal to 44.5%.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters