The 5% dip follows a 20.5% drop in 2008 rates. The rates take effect on Oct. 1 each year.
Under the changes, maximum weekly benefits for workers were increased to $550 per week, and will continue to rise to $600 in 2009. Starting in 2010, compensation rates will be indexed at two-thirds of the average weekly wage.
The reforms increased the maximum weekly benefits for injured workers by 75%, but lowered employer costs by creating limits on benefit duration. The new law requires evidence-based treatment guidelines that provide medical care at lower cost and streamlines the contested-claims process. Other changes include tougher penalties for fraudulent claims.
According to A.M. Best Co., the top five writers of workers' compensation insurance in New York are the State Insurance Fund of New York, with 40% of market share; American International Group Inc., 17.7%; Liberty Mutual Insurance Cos., 9.4%; Hartford Insurance Group, 4.3%; and Zurich Financial Services North America Group, 4.3%.