Maine's Largest Workers' Comp Company Celebrates Fifth Anniversary With Largest-Ever Rate Decrease
January 05, 1998 | Financial
PORTLAND, Maine, January 5, 1998 – Maine Employers' Mutual Insurance Company, the state's largest workers' compensation insurance carrier announced today that it has dropped its overall average cost of insurance by 12.2% according to John Leonard, President & CEO. The new rates, effective as of January 1, 1998, are coincidental with the company's fifth anniversary of serving as the keystone to Maine's workers' compensation insurance market.
"Having reviewed the experience of our customers as well as NCCI's -10.6% Advisory Loss Cost Filing, we felt our 12.2% overall rate reduction for 1998 has been well earned by the employers of Maine," said Leonard. "This is fabulous news for employers in Maine and outstanding news for the Maine economy." Leonard indicated the rate filing is the largest reduction in the company's history. He also predicted that additional reductions could occur in the next few years if employers continue to reduce the number of injuries in the Maine workplace.
"Now is the perfect time," said Leonard, whose company has led the measurable change in Maine's workplace safety culture, "for insurance companies now doing business in Maine to beef up their safety and claim services and to demonstrate their commitment to the people of this state. Despite the dramatic reduction in workers' compensation costs, I believe that an additional twenty percent to forty percent savings can be achieved if we continue to reduce work related injuries and get injured workers back on the job. This must be viewed as a team effort with each doing our part to protect and ensure the safety of Maine's working people."
According to Anthony Payne, Vice President of Underwriting & Marketing, this is the company's fifth straight year of rate reductions for the company's estimated 20,000 policyholders.
Loss-time injuries have been reduced by 30% since 1993 and Payne estimates that more than $250 million dollars has been saved by MEMIC's customers since the reform of Maine's workers' compensation system.
"MEMIC has led the charge for workplace safety since we began five years ago and today the results are self-evident. Thirty percent fewer people are losing time from work. That means there's less human suffering from injuries and better working conditions right across the state.Maine's system is truly working for both the employee and employer," said Payne.
About MEMIC
A super-regional workers’ compensation specialty insurer rated “A” (Excellent) by A.M. Best, The MEMIC Group insures more than 20,000 employers and their estimated 300,000 employees. Licensed across the country with more than $1.2 billion in assets, The MEMIC Group is a leading carrier in the Northeast with a growing profile across the Eastern Seaboard. Offices are located in New Hampshire, Connecticut, New York, New Jersey, Pennsylvania, Virginia and Florida, in addition to the headquarters in Portland, Maine.
"Having reviewed the experience of our customers as well as NCCI's -10.6% Advisory Loss Cost Filing, we felt our 12.2% overall rate reduction for 1998 has been well earned by the employers of Maine," said Leonard. "This is fabulous news for employers in Maine and outstanding news for the Maine economy." Leonard indicated the rate filing is the largest reduction in the company's history. He also predicted that additional reductions could occur in the next few years if employers continue to reduce the number of injuries in the Maine workplace.
"Now is the perfect time," said Leonard, whose company has led the measurable change in Maine's workplace safety culture, "for insurance companies now doing business in Maine to beef up their safety and claim services and to demonstrate their commitment to the people of this state. Despite the dramatic reduction in workers' compensation costs, I believe that an additional twenty percent to forty percent savings can be achieved if we continue to reduce work related injuries and get injured workers back on the job. This must be viewed as a team effort with each doing our part to protect and ensure the safety of Maine's working people."
According to Anthony Payne, Vice President of Underwriting & Marketing, this is the company's fifth straight year of rate reductions for the company's estimated 20,000 policyholders.
- 1994 -3.4%
- 1995 -5.6%
- 1996 -8.2%
- 1997 -10.2%
- 1998 -12.2%
Loss-time injuries have been reduced by 30% since 1993 and Payne estimates that more than $250 million dollars has been saved by MEMIC's customers since the reform of Maine's workers' compensation system.
"MEMIC has led the charge for workplace safety since we began five years ago and today the results are self-evident. Thirty percent fewer people are losing time from work. That means there's less human suffering from injuries and better working conditions right across the state.Maine's system is truly working for both the employee and employer," said Payne.
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About MEMIC
A super-regional workers’ compensation specialty insurer rated “A” (Excellent) by A.M. Best, The MEMIC Group insures more than 20,000 employers and their estimated 300,000 employees. Licensed across the country with more than $1.2 billion in assets, The MEMIC Group is a leading carrier in the Northeast with a growing profile across the Eastern Seaboard. Offices are located in New Hampshire, Connecticut, New York, New Jersey, Pennsylvania, Virginia and Florida, in addition to the headquarters in Portland, Maine.