Texas Insurance Council Report Finds WC is One of Few Consistent Profit Makers
- The Insurance Council of Texas said last week that the workers’ compensation market is one of the few consistently profitable lines in the state, according to the group’s Worker’s Compensation Annual Report 2024. Among the findings:
- The Council reported that Texas ranks as the fourth-largest workers’ comp market in the U.S.
- In 2023, there was a 3.72% increase in direct written premiums from 2022.
- The top 10 groups in Texas wrote 73.56% of the market.
- Texas Mutual had 41.24% of the market (an increase of 2.97% from 2022).
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Ohio Sets $30 Million Workforce Safety Innovation Grant, New Research Track
- The Ohio Bureau of Workers’ Compensation (BWC) is offering $30 million in its fourth round of Workforce Safety Innovation Grants.
- Provided through the state’s Workforce Safety Innovation Center, the funding supports innovation research and development in personal protective equipment (PPE) and personal protective technology (PPT).
- In addition to the Proof of Concept track and Prototype track, applicants can now apply for the Research track.
- Also, the program has Increased funding, with awards ranging from $150,000 to $2 million based on the project track.
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Texas Pols Propose Flurry of WC-Related Legislation
- Texas legislators last week pre-filed a slew of workers’ compensation-related legislation, including a state Senate bill that would single-out the construction industry to be required to carry WC coverage.
- S.B. 338, pre-filed on Nov. 13, would make the coverage mandatory for contractors and subcontractors working on construction projects.
- A pre-filed state House bill, H.B. 875, would require contractors working on municipal projects to carry workers compensation insurance.
- H.B. 673 would make first responders suffering from post-traumatic stress disorder eligible for workers comp benefits, if the “preponderance of evidence” proved that “an event or events” caused the mental injury.
- Other proposed legislation would allow employees who are sexually assaulted at work to sue their employer, bypassing exclusive remedy provisions in Texas’s workers comp law, if they suffer from an intellectual or developmental disability or if the employer is negligent.