Worker comp on the rise
- Annual underwriting profit in the U.S. workers’ compensation line of business has averaged $4.8 billion in the last five years and totaled almost $24 billion during the period.
- This is a level of profitability unmatched by any of the other major property/casualty lines of business, according to a new AM Best report.
- AM Best states that direct premium volume also rebounded in 2021 to $52.2 billion, following a sharp drop in 2020.
- The combined ratio remained within the range of 86.2 and 92.2 during the period and was 87.9 in 2021.
NYSIF expands to out-of-state workers
- The New York State Insurance Fund announced that for the first time in its 108-year history it will extend coverage to out-of-state employees.
- The new program arises from 2021 legislation permitting NYSIF to provide workers’ comp for its policyholders’ employees across the United States.
- Any New York-based employer that has at least 50% of its workforce based in the state can offer its out-of-state employees NYSIF workers’ compensation coverage.
- New NYSIF customers with satellite offices or remote workers out of state are also eligible for the program.
More penalties for Dollar General
- Dollar General Corp. and Dolgencorp LLC – operator of more than 18,000 Dollar General discount stores in 47 states – has again ignored federal workplace safety standards.
- OSHA e identified during inspections at four locations in Alabama, Florida and Georgia.
- The company faces $1,682,302 in proposed penalties after these inspections, a portion of the more than $9.6 million in total initial penalties the company has received since 2017.
- OSHA citations also included those for exposing workers to fire and entrapment hazards by failing to keep exit routes and electrical panels clear and unobstructed.
Workers comp insurer partners with cannabis group
- McNeil & Co. partnered with the Cannabis Association of New York to create a safety group that provides discounted workers’ compensation coverage and a group dividend to the association’s members.
- CANY is the largest cannabis association in NY with hundreds of members across the supply chain.
- his new “safety group” is underwritten by the NY State Insurance Fund and managed and accessed through McNeil.
- It offers a 20% discount to CANY members and McNeil says this could grow to 35% for the group’s best performers and they could provide a dividend.