Rate Decreases Slow in Q4, Lockton Reports

Workers’ comp insurance rates fell in each quarter of 2016, and property and casualty insurance terms, and conditions, remain at “very competitive” levels, according to a new report from Lockton. Rates for guaranteed-cost workers’ comp policies fell 3.7% and 3.6% in the first and second quarters of 2016, respectively, followed by smaller decreases of 2.7% and 2.5% in the third and fourth quarters. Rate decreases were smaller for loss-sensitive comp policies, which saw a 1.6% decrease in the fourth quarter. For clients that changed carrier at renewal, rates fell 7% in ...