BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
The National Council on Compensation Insurance Inc. has filed to increase Maine workers compensation loss cost rates by 2.6% beginning April 1.
The increase is partly due to the state’s 2.1% increase in lost-time claim frequency in 2012, Boca Raton, Florida-based NCCI said at its Maine Advisory Forum presentation on Tuesday. Lost-time claim frequency decreased 6.1% countrywide in the same year.
In addition, insurers reported a combined ratio of 122% in Maine in 2013, up from 111% in 2012, according to NCCI.
While medical benefits in the state make up 52% of total benefit costs, indemnity benefits make up 48%, according to NCCI. Countrywide, medical benefits constitute 59% of total benefit costs and indemnity benefits constitute 41%.
Despite the requested rate hike, Maine has seen loss cost rates decline a total of 23.1% since 2001, according to NCCI.
Cross Insurance, a unit of Cross Financial Corp., on Monday announced it has acquired Wellesley, Massachusetts-based independent insurance agency Corcoran & Havlin Insurance Group.