Declarations

Declarations

Always room for improvement

“Oklahoma’s workers’ compensation market is still too expensive for many businesses and fails to provide proper treatment to injured workers.”

— Oklahoma Rep. Mark McCullough, R-Sapulpa, maintains that despite recent reforms in the state’s workers’ compensation system there is “clearly room for improvement.” McCullough sponsored a study of the workers’ comp system that found, among other things, the rate of permanent partial disability payments (PPDs) in Oklahoma is significantly higher than the rate in neighboring states. PPD claims in Oklahoma are almost twice the regional average and the average lost-time claim frequency is much higher than region and nation — 60 percent higher than the national average.

Beginning to respond

“Insurers are beginning to respond to global warming — and not just by withdrawing from coastal markets with high financial exposure.”

— Mindy S. Lubber, president of Ceres, a U.S. coalition of investors and environmental groups, commenting on a study of new insurance products that address climate change. Hundreds of new insurance initiatives, including green building credits, drought-protection in developing countries and incentives for investing in renewable energy and carbon emissions trading are being offered to tackle climate change and rising weather-related losses in the U.S. and globally, according to a new report commissioned by Ceres. Still, Lubber says, “We need more insurers, especially U.S. insurers, to step up.”

No bid rigging allowed

“A free, open and honest marketplace is essential to the success of the Texas economy. … Unlawful bid-rigging schemes undermine the integrity of our free market system.”

— Texas Attorney General Abbott, commenting on a settlement between Ace Group Holdings over a bid-rigging investigation involving the commercial insurer. Under the agreement, Ace has to cease involvement in a bid-rigging scheme and pay $4.5 million to eight states and the District of Columbia. Texas will receive $1.3 million.

The next iPod?

“What we have done is taken science from the lab to a product that could potentially help millions and millions of people. … I think it’s the next iPod. Everybody is going to want one.”

— James Levine, developer of the Walkstation, a new product from workplace furniture maker Steelcase Inc., which combines an office workstation with a treadmill. Levine, a researcher at the Mayo Clinic in Rochester, Minn., has spent the past 15 years studying energy expended during daily activity. He collaborated on the Walkstation with Steelcase, which will begin taking orders for its Walkstation beginning Nov. 19. The product will sell for about $4,000. AP