Premium Renewal Rate Decreases Slow

August 8, 2024

 

WC Premium Renewal Slide Moderates in July: Ivans Index

  • Workers’ compensation premium renewal rate changes averaged -1.32%, up from -1.51% in June, Ivans Index said on Tuesday.
  • Last month, the group said changes averaged -1.28% in Q2 2024, down from Q1 2024’s -0.88%. 
  • The second quarter began with the lowest premium renewal rate change in April, averaging -2.16%, and reached its highest rate in May, averaging -0.20%.
  • Ivans said that of the six lines of business insurance that it measures, only workers’ compensation premium renewal rates decreased.
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American Financial Results Show Renewal Rate Rise

  • Cincinnati-based American Financial said Tuesday that overall renewal rates in its business group that includes workers’ compensation were up about 5% and consistent with Q1 of 2024.
  •  AFG’s workers’ compensation businesses have historically experienced a lower frequency of losses greater than $500,000 when compared to what would be predicted by various state rating bureaus, according to a January regulatory filing.
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Ohio BWC Awards $10 Million in Grants for Safety Innovation

  • The Ohio Bureau of Workers’ Compensation (BWC) has awarded $9.4 million in grants through its Workforce Safety Innovation Center.
  • The grants are funding four proof-of-concept projects and four prototype projects. 
  • The state’s innovation center focuses on advances in personal protective equipment and personal protective technology.
  • Among the eight funded projects is a scalable virtual reality (VR) training platform prototype to help healthcare workers manage and de-escalate potentially violent situations.
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