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Workers' comp rates recap, November 2016

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Workers' comp rates recap, November 2016

Rate decreases for CopperPoint Mutual Insurance Co. and its subsidiary were among the most notable workers' compensation rate reductions during November, combining for a decrease of $6.0 million in premiums written in their domiciled state of Arizona.

Overall, the company received approval for six rate cuts during the month, which would result in a collective decrease of $8.5 million in written premiums. The reduction is the second-highest, with Travelers Cos. Inc. at the top with a decrease of roughly $17.0 million in written premiums.

The Arizona Department of Insurance led all states with 74 rate cut approvals, which combined would decrease total written premiums by $30.0 million, affecting more than 36,000 policyholders. Travelers and Liberty Mutual Holding Co. Inc. each received approvals for 10 rate cuts in the state, collectively impacting $9.0 million in written premiums.

Of eight rate hike approvals for The Hartford Financial Services Group Inc. in Maryland, the four featured among the notable increases in the chart below are effective April 1, 2017.

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SNL offers a variety of tools to analyze the rate and product filings of insurance companies.

Click here for a template providing rate changes for a selected entity, state or type of insurance over a selected time period using interpretive charts and histograms. With this template, one can also view information on each filing along with key metrics related to premiums, approval time and affected policyholders.

Click here for a webinar with information on the resources SNL has available regarding rate filings.