Workers’ compensation: Rate levels in 2010 have shown slight decreases throughout the year. We have seen some increases fourth quarter. We believe rate decreases and increases will vary by account in 2011. This is the line of coverage to watch closely during 2011.
Property: Property is very similar to general liability and the market remained soft throughout 2010 and will continue through 2011. We do expect the decreases to be smaller in 2011.
What are the trends in employee benefits in cost and types of benefits?
Unfortunately, despite the anemic economic environment we continue to experience, costs for employee medical benefits continue to increase annually at a double-digit pace. Employers are simply not able to afford these types of increases, and as a result they are looking at plan design changes to reduce costs, are passing on more costs to employees in the form of monthly premium contributions, and are considering high-deductible programs such as health savings accounts
Adding to all of these challenges, the recently-enacted health care reform legislation has increased the complexity of benefit administration, and has the potential to increase employer’s costs. Our experience is that health care reform has added between 1 and 3 percent to most medical renewals, in addition to normal increases. In an effort to help companies manage these costs, we are working with our clients to develop wellness programs that encourage healthier lifestyles, increase employee productivity, and reduce health care costs over the longer term.
What issues are your clients asking about?
Our clients are asking about benchmarking to compare themselves with other companies in their industry. Many are also asking for health care plan design changes and wellness programs to help alleviate the cost of health care. For the latest updates PRESS CTR + D or visit Stock Market news Today
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