Rate Hikes Continue Negative Through Q4: Ivans
- Workers’ compensation average premium renewal rates bucked increases seen in all other major commercial lines of business in Q4 of 2024, according to Ivans Index.
- WC premium renewal rate change averaged -1.47%, down from Q3 2024 at -1.28%.
- Q4 began in October with the highest rate change of the quarter, averaging -1.43%, and reached its lowest rate of the quarter in November, averaging -1.52%.
- The average premium renewal rate experienced variable change over the course of the year.
- However, the average premium renewal rate change did not rise above zero once throughout the year, compared with 2023 when it rose above zero once at 0.15% in November.
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Oregon Moves to Electronic Process for Claim Delinquency Reporting
- The Oregon Workers’ Compensation Division will move next month to an electronic process for the claims delinquency report, according to a Monday notice.
- The change includes both sending the report and receiving responses.
- The delinquency reports identify required missing claim data, forms, and related documents not reported to WCD.
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NY Senate Passes Measure to Increase TDI
- The New York State Senate today passed legislation to enhance workplace protections and combat wage theft.
- The legislation includes measures to increase Temporary Disability Insurance (TDI).
- It also extends paid sick leave to domestic workers.
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