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Eastern, Travelers Balk at MA's Rates

 

BOSTON - In a case closely watched by other insurers, Eastern Casualty Insurance Co. announced it will withdraw from the workers' compensation market in Massachusetts, protesting rates proposed by the state Division of Insurance.

Eastern, the state's third largest workers' comp carrier, made its announcement after Travelers Group stopped writing new policies for Massachusetts construction companies, according to the Boston Globe. Travelers is the second largest workers' comp carrier in the state.

A.M. Best quoted an Eastern official as saying the company's workers' compensation rates are only 43 percent of its 1993 rate levels, and that in 2000 the company paid $1.10 in claims for every $1 in premium it took in.

Eastern had broken from usual practice by submitting its own rate request because it said the Workers' Compensation Rating & Inspection Bureau rate applications have been inadequate in recent years to cover costs. Eastern wanted an 11.6 percent increase.

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Summer 2001 News
Message from the President
Workers' Comp Cycle
AASCIF Survey
Dim Sum
Sick Building Claims
Eastern, Travelers Balk at MA
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