Specialists point to risk trends driving a shift in the market
Workers’ compensation insurance has been a competitive and profitable market for several years, with insureds enjoying lower rates and bountiful capacity from carriers.
However, shifts in the medical industry, including rising costs and rapidly advancing treatments, are slowly gaining traction. Experts have told Insurance Business that the flatlining claims frequency could soon lead to a rise in workers’ comp prices.
“We’re at a tipping point,” said Jeff Cole (pictured right), assistant vice president, national accounts at Sentry Insurance. “In the last 10 years, we’ve had combined ratios less than 100%