Insight, analysis & opinion from Joe Paduda
Yep, it’s your fault that the popular press smacks you around, citing a few examples of alleged insurer screwups as proof that you’re all a bunch of cold-hearted, nasty, lazy incompetents motivated only by profit. When was the last time … Continue reading It’s the workers’ comp industry’s fault.
Read More...Finally. Investigative journalists are catching on to the widespread, rampant abuse of work comp by unscrupulous “doctors” and scam artists who’ve figured out it’s easy to make bank by cheating employers and taxpayers out of their workers’ comp dollars; and … Continue reading Highlighting the lowlifes – Real investigative journalism looks into workers comp
Read More...Welcome to the war, everyone. Okay, so work comp is not the most progressive industry. We are – often justifiably – seen as slow-moving, overly conservative, reluctant to adopt change and averse to innovation. Except when it comes to opioids, … Continue reading Workers’ comp is leading the way on opioids
Read More...Earlier this month the fine folk at CWCI published a two-page briefing on NAIC’s workers’ comp insurer financial returns. One could be excused for thinking the document detailed halcyon days of overflowing corporate coffers, treasuries stuffed with profits gleaned by jacking … Continue reading Workers’ comp; where the smart money is(n’t)
Read More...Today’s WorkCompCentral brings an editorial on the “trend” in some state capitals towards plans legitimizing opting out of workers compensation. Friend and colleague Peter Rousmaniere has done more research and investigation of opt-out programs than anyone else I know. He knows … Continue reading Would you want your family covered by Opt Out?
Read More...We’ve seen that work comp’s “profitability” isn’t very good, whether measured (inappropriately) as operating gain or (appropriately) as return on net worth/return on equity (ROE). Today we’ll dig deeper into the data; below is a chart provided courtesy of CWCI, … Continue reading Workers’ comp profitability, Part 3
Read More...So, Liberty Mutual is de-emphasizing workers comp, a move that is increasing profits. But ProPublica/NPR reported “in 2013, insurers had their most profitable year in over a decade, bringing in a hefty 18 percent return.” Just how “profitable” is workers’ comp? Why … Continue reading Workers’ comp profitability, Part 2
Read More...If workers’ comp is so profitable, why is Liberty Mutual de-emphasizing the business? Because contrary to what NPR and ProPublica have reported, comp is NOT very profitable. In fact, over the past decade or so, it’s barely a breakeven proposition. … Continue reading Workers’ comp’s “profitability”
Read More...Chief Actuary Kathy Antonello gave the state of the line at AIS: here are the top data points on a calendar year basis for work comp, the P&C industry numbers were also presented and should be available later here. private carrier … Continue reading The State of the Workers’ Comp Line – 2015 ed.
Read More...Workers’ comp net written premiums for funds and insurers were up substantially – 6 percent – over 2013, making for the 4th consecutive year of premium growth. Meanwhile, the combined ratio for private carriers improved as well – down 4 … Continue reading First up at NCCI – Work comp is looking better…
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