Tuesday, November 10, 2009

NC Longshore Rates

Quoted with the permission of NC Insurance Commissioner Wayne Goodwin.

"Please see today’s news about the rate filing referenced in your post. Go to the link below:

http://www.ncdoi.com/media/news2/year/2009/110209.asp

I came across your blogpost several weeks ago.   You indicated that some longshoremen were concerned that they may be getting a fairly large average increase in loss costs (8.8% on average), while all other major categories of workers in North Carolina were receiving decreases on average of (-9.6%). Our staff here at the Department of Insurance looked into the details of the calculations, and persuaded the North Carolina Rate Bureau, which is not a State agency, to lower the average longshoreman increase to +1.6%.  In other words, the settlement ordered a 9.6 percent decrease to the voluntary market loss costs and no change (zero percent) to the assigned risk markets. "

Wayne Goodwin, NC Commissioner of Insurance. Nov 2nd 2009

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