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Member, Beacon International Group, Ltd.
After workers compensation insurers experienced another tough year during 2011, guaranteed cost and monoline programs “will likely be more difficult to place,” states a recent market quarterly report from Marsh USA.
“Some carriers are unwilling to compete on a monoline basis, or are requiring supporting business,” states Marsh's Global Insurance Market Quarterly Briefing: Q1 2012.
Comp Time believes the trend of large insurers turning down monoline business started last year.
Marsh's report discusses a broad range of coverages, not just workers comp insurance.
Also, in a recent Marsh webcast a Marsh broker points out that workers comp insurers are looking for price increases across their entire portfolios with guaranteed cost buyers feeling the price hikes the most.
That is usually how it goes for guaranteed cost buyers when the market begins firming.
But all employers are feeling the sting of medical inflation and increased workers comp frequency.
Marsh's webcast advocates that employers reduce their costs by integrating various aspects of work comp and safety programs. It also advocates using analytic methods to select the best cost containment strategies.
No doubt, Marsh is wiling to provide employers with program integration and analytic services.