The Times They Are A-Changin’
When I first began consulting with workers’ comp payors in the early ‘80s, Liberty Mutual was the big boy on the block. Back then, they were the go-to carrier for large/complex risks, and they controlled a huge, presumably profitable market share.
Fast forward to 2015, and as headlined by the Boston Globe — “Liberty Mutual Shedding Its Workers’ Comp Roots.”
In 2009, they controlled 10% of this business, and just five years later, this has dropped to less than 5%. As they exit the market, it’s unclear who will pick up the slack and what it will do to premiums.
Typically, three reasons are given when carriers such as Liberty Mutual abandon workers’ comp risks:
Skyrocketing medical costs;
Costs relating to increased litigation;
Controlling medical costs and providing turnkey compliance systems is what we do.
Before you throw the baby out with the bath water, perhaps you should…
Call us. We can do better.