Business Insurance Magazine Cites Paulin on WC Rates

Business Insurance, a weekly industry risk management journal, turned to Stephen Paulin, CIC, for expertise in reporting the growing trend in companies seeking workers’ comp coverage from the State Compensation Insurance Fund. Previously considered an option of last resort, more companies are being forced to seek coverage from this fund because private underwriters are increasingly more selective in who they are willing to insure. Paulin cited a case of a manufacturing client with which the company’s worker’s comp insurer sought a renewal premium exceeding 40%. “The premium increase was driven by a rise in the employer’s experience modification rating, an overall rate increase and the underwriter cutting back on credit deductions it previously made available,” Paulin said. “We were unable to place coverage with another private carrier, and the state fund did it at 15% higher than the previous private carrier,” he said.

The article, “More Employers Turning to Worker’s Compensation Residual Markets” appeared in the August 5 issue of Business Insurance.

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