Workers' comp continues to challenge US market

Downward pricing pressures threaten to send the California workers' compensation market into another tailspin, according to a new report from Standard & Poor's (S&P). "The industry has barely recovered from the cut-throat pricing of the mid-1990s," according to Steve Dreyer, a managing director at S&P. "Now the commissioner seems to be inviting the same behaviour that caused the last crisis."In May 2004, California Insurance Commissioner John Garamendi issued an advisory calling for a 21% re