The numbers in the insurance industry’s Workers’ Compensation Insurance Rating Bureau’s latest report tell a story…
The average rate charged to employers per $100 of payroll is down 10% in the last year and down 17% since 2015.
The average indemnity pay out to our clients is up 13% in the last 5 years.
Insurance company profits after claims and expenses have risen to 8%.
Drug costs are down 70% and liens down 40%.
Clearly, these numbers say the system is healthy for the private sector.
If ever there was a time for the government to focus on doing its job of administering the system better, that time is now.
New laws aren’t as important as better administration of the laws on the books.