Business Services Industry
Comp rate increases slowing, but buyers see retentions rise.
Business Insurance, January, 2004
Byline: MEG FLETCHER Higher retention levels are having a bigger impact than rate increases on buyers of workers compensation coverage during year-end renewals. "On average, policyholders are increasing their retentions by 20%,'' said Timothy Brady, managing director of the casualty practice for New York-based broker Marsh Inc.
But two leading risk managers report they took significantly higher retentions. Jeffrey W. Pettegrew, vp-risk management and insurance for Westaff in Walnut Creek, Calif., said the retention for stop-loss coverage written as part of his paid-loss retrospectively rated program increased 50%, to $750,000 from $500,000 per occurrence. That higher retention level "overshadows'' the "slight'' 10% increase in Westaff's stop-loss...
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