Rate filing cycle starting up
The majority of rate filings in NCCI's 38 states were for increases in 2013. Earlier this month, the Florida-based organization was getting set for the next cycle, which may see a change to the trend of rate hikes.
"We start after July 4 with Virginia, DC, West Virginia, North Carolina -- a whole slew of states right out of the box," said Peter Burton, senior division executive of state relations for NCCI. "Two-thirds last year were for increases, but no double-digit ones. We're looking forward to a change in that pattern, maybe less increases, if Dennis' messages that things are improving hold true."
During NCCI's recent Annual Issues Symposium, NCCI chief actuary Dennis Mealy pointed to medical and indemnity costs modifying, for example. That could translate to fewer increases or even decreases in some states.
"Every state is unique," Burton said. "We won't know until the filings are in."
August 19, 2013
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