Lorna Smith

5612 Randolph Blvd
San Antonio, TX 78233

Talking Points

Premium

Worker's Comp premium is based on two key factors - the LCM your carrier has filed to use, and the total payroll you run over the policy term, which is multiplied by the rate to determine premium. Comparing premium to businesses in the same industry and of similar size can indicate how fair your WC insurance provider's costs are relative to the market.

  • Premium is Higher than 99% of peers.
  • In the last year, premium Decreased by 12%. While peers Increased an average of 10%.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 80% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 6% of peers have changed carriers since last year. Those who did, saw a 21.9% decrease in premium vs those who stayed with their current provider had a 8.9% decrease, roughly 2x those who stayed with their current provider.
  • Current Carrier's market share is in the 75th percentile at 11.8% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.693
2023

1.380
2023

1.754
2023

1.600
2022

1.693
2022

1.380
2022

-
2022

1.754
2022

1.600
2021

1.693
2021

1.380
2021

-
2021

1.754
2021

1.600
2020

1.693
2020

1.380
2020

-
2020

1.754
2020

1.600
2019

-
2019

-
2019

1.380
2019

1.754
2019
04-15-2019

-
2019
04-15-2019

1.600
2018

-
2018

-
2018

1.754
2018
04-15-2018

1.600
2017

1.250
2017

-
2017

1.754
2017
03-10-2016

1.200
2017
04-15-2017

1.600
2016

1.600
2016
06-08-2015

-
2015

-

Contacts

49a
(528) 894-0248
cae88

Industry Classification