Magazine article Risk Management

Workers' Compensation Marketplace. (Risk Reporter)

Magazine article Risk Management

Workers' Compensation Marketplace. (Risk Reporter)

Article excerpt

The workers' compensation marketplace was hardening prior to September 11, 2001, but now, as a result of the events of that day, workers' compensation payments in excess of $1 billion have been predicted. This alone would be a huge loss to insurers and reinsurers, but coupled with losses stemming from other lines of coverage, the events mean certain action for the insurance industry. Although the government is planning assistance, legislation may not be passed until the next fiscal budget.

With the uncertainty and the inevitable further hardening of the market, risk managers will need a different approach to renewing their contracts. The following are some common sense steps offered by Christine Fuge, a senior research analyst at the International Risk Management Institute, Inc., to consider when developing a renewal strategy for workers' compensation policies:

* Begin the renewal process well in advance of the renewal date.

* Review the entire workers' compensation program to assure that the total costs are balanced, i. …

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