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Member, Beacon International Group, Ltd.
Some states are short of money needed to hire enough administrative law judges, a risk manager told Comp Time.
The risk manager who works for a large corporation now sees claims durations dragging out significantly because a judge shortage has slowed claims hearings. The problem could grow worse as the economy improves and claims frequency inevitably increases.
But on the positive side, two comp underwriters attending the Risk and Insurance Management Society Inc.'s annual conference in Boston told Comp Time they are seeing a positive trend in exposure level growth.
Exposures, or payroll levels, nosedived last year along with unemployment growth and the sinking economy. But now as employment stabilizes there is a corresponding improvement in exposure growth for insurers.
“We are seeing slight improvements in exposures,” said Juan Andrade, president and chief operating officer for property/casualty operations at The Hartford Financial Services Group Inc. “We are starting to see some businesses, particularly smaller businesses, begin to add staff now. We are starting to see auto fleets starting to increase as well.”
Anthony Ciofani Jr., executive VP and chief underwriting officer for PMA Cos. said he too is seeing a positive trend.
Hooray!