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Travelers on Wednesday reported net written workers’ compensation insurance premiums for the fourth quarter of 2024 totaled $808 million versus $812 million a year earlier, bringing the 2024 total to $3.469 billion versus $3.492 billion.
In a call with analysts following the earnings release, CEO Alan Schnitzer described the workers’ comp business as “largely stable.”
“The pure renewal rate change is a little bit negative, and with exposure, you get to something a little bit positive. And there’s always some fluctuations quarter-to-quarter, but I think stable is the way I’d describe it,” Schnitzer said.
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Misclassifying workers as independent contractors is costing states social insurance programs, including workers’ compensation funds, according to a new study by the Economic Policy Institute.
The think tank is rated as left-leaning by media bias rating site AllSides.
“These misclassified workers are no longer eligible to participate in unemployment insurance systems or to qualify for workers’ compensation insurance,” EPI said.
The study presents data on the difference in payments to social insurance funds if a worker is classified as an independent contractor rather than as an employee.
In the case of construction workers, the misclassification can deprived social insurance funds of from $1,790 to $3,070 per year per worker.
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The Tennessee Department of Commerce and Insurance has cut workers’ compensation insurance premiums on average by 3.6% for the voluntary market beginning March 1, 2025, on new and renewal policies.
This rate decrease allows carriers to blend the National Council on Compensation Insurance (NCCI) loss cost filings with company experience and expenses to develop insurance premiums for the coming year.
“The loss cost reduction can be contributed, in part, to safer workplaces where workers are receiving fewer injuries on the job,” Commissioner Carter Lawrence said in a statement.
“These reductions indicate a healthier workplace for Tennesseans as they result from decreases in lost time claim frequency and more stable claims costs.”
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Roosevelt Road Re, Tradesman Program Managers and Ionian Re have filed a series of RICO lawsuits again New York law firm Liakas Law and more than a dozen other individuals and entities over an alleged fraud scheme involving construction workers staging site accidents and collecting workers’ compensation benefits.
As covered by Workers’ Comp Advisor in November, Ionian is suing several law firms alleging their employees recruited construction workers to stage fake accidents and then file fraudulent WC and personal injury claims.
In those suits, filed in the U.S. District Court for Eastern New York, three law firms — Subin & Associates; Wingate Russotti, Shapiro, Moses & Halperin; William Schwitzer & Associates — and a dozen individuals described as “runner-claimant defendants” allegedly referred the claimants to select medical providers who provided unnecessary treatment and created phony diagnoses to inflate the settlement value of claims.
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Occupational health services company Concentra Group Holdings will pay $265 million to acquire U.S. Occmed Holdings, the parent company of Nova Medical Centers.
Nova runs 67 sites in Texas, Georgia, Tennessee, Indiana and Wisconsin that provide workers’ compensation injury care as well as physical therapy, drug- and alcohol-screening services and pre-employment physical examinations.
Concentra today runs 108 locations on Nova’s five states. The deal will expand Concentra’s network by nearly 10%.
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