This past year has seen growing inflation concerns, impacting individuals and industries across the board. The commercial insurance market is no exception to these concerns. Similar to other goods and services, inflation can also elevate the cost of insurance.
In the scope of workers’ compensation coverage, inflation issues have become increasingly evident through various sector trends—including labor shifts, rising wages, higher medical expenses and rate adequacy challenges. With this in mind, it’s important for businesses to better understand these trends and learn what they can do to mitigate inflation concerns within their workers’ compensation programs.
This article provides more information on how inflation impacts workers’ compensation insurance, outlines key factors currently influencing coverage costs and offers best practices to help businesses keep such costs under control. To read the rest of the article, click here.
Preventing Repetitive Motion Injuries
While repetitive motion injuries (RMIs) are common among athletes, these injuries can occur in the workplace. Also known as repetitive stress injuries or cumulative trauma disorders, RMIs impact a broad range of occupations, including jobs that require heavy lifting and stationary office roles.
RMIs occur when continuous physical stress from daily tasks damages nerves, tendons or muscles quicker than the body can heal from such stress.
Employees may be at greater risk of experiencing RMIs on the job if they:
RMIs can cause several conditions, including tendonitis, carpal tunnel syndrome, bursitis and rotator cuff injuries. To read the rest of this article, click here.
The second quarter of 2022 marked the 19th consecutive quarter of commercial price increases, with brokers reporting continued easing in the market and average price increases of 6.1% across all lines of business, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey.
“Signs of pricing moderation emerged for some lines of business, like flood, medical malpractice and surety bonds. Others—like cyber and umbrella—continued to experience upward pressure on premiums, though not as pronounced as in past quarters,” the CIAB stated in its report. Brokers reported little change from the first quarter when prices rose an average of 5.7%.
Cyber pricing continued to lead all lines, with an increase of 26.8% in the second quarter of 2022 compared to 27.5% in the year’s first quarter and 34.3% in the fourth quarter of 2021. According to the survey, pricing conditions for the line continued to pose problems for brokers and was deemed “a full-fledged hard market.”
To read the full article, click here.
November 5, 2021
White Plains, NY, November 5, 2021 – Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Pelnik Insurance, a leading independent agency in North Carolina. Terms of the acquisition were not disclosed.
Founded in 1994, Pelnik Insurance, led by CEO Chris Pelnik, offers business insurance, employee health and benefits, and private client services to midsize businesses and individuals throughout the Mid-Atlantic. Pelnik has 19 employees across offices in Cary and Greensboro, North Carolina, all of whom will join MMA.
“Pelnik Insurance has a talented team dedicated to delivering quality client service. With the addition of Pelnik Insurance, we continue to expand our reach and broaden our client offerings across North Carolina and the region,” commented John Stanchina, CEO of MMA’s Mid-Atlantic region.
Mr. Pelnik added: “Joining MMA is an opportunity to provide our colleagues growth opportunities and give clients access to the capabilities of an organization respected for its expertise and resources.”
About Marsh McLennan Agency
Marsh McLennan Agency (MMA) provides business insurance, employee health & benefits, retirement, and private client insurance solutions to organizations and individuals seeking limitless possibilities. With 8,000 colleagues and 160 offices across North America, MMA combines the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan (NYSE: MMC).
Marsh is the world’s leading insurance broker and risk advisor. With around 40,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $18 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.