Workers’ Comp Loss Cost Rate Increase

As reported on the Insurance Journal website:

“The New York State Department of Financial Services (NYDFS) has approved an average 5.9 percent increase in workers’ compensation loss costs for new and renewal business to become effective on Oct. 1, 2015, the New York Compensation Insurance Rating Board (NYCIRB) said in a bulletin today.  “The increase in the loss cost level is needed in order to keep pace with increasing indemnity and medical costs in the state,” NYCIRB Vice President and Chief Actuary Ziv Kimmel told Insurance Journal.”