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NY State Approves Workers Comp Loss-Cost Rate Increase at an Average of 9.1%

Posted on 19 Jul 2011

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New York state Insurance Superintendent James J. Wrynn has approved an average 9.1% increase in the workers compensation loss-cost rate, to take effect on Oct. 1.

The New York Insurance Compensation Rating Board had initially proposed a 10.4% loss-cost increase in May, but reduced it last week to the amount approved by the superintendent.

The superintendent cited several factors including increased benefits and medical fees in his order calling for the increase.

Since October 2000, New York state's workers compensation insurance rates have decreased an average of 10%, according to the New York State Insurance Department.