New York State Employers May See Workers’ Compensation Savings in 2018-2019
In case you missed it, the New York Compensation Insurance Rating Board (NYCIRB) has recommended an 11.7 percent reduction in loss cost rates, which are the basis for setting workers’ compensation premiums for 2019. The filing was approved by the New York State Department of Financial Services and will go into effect on October 1, 2018.
As a result, soon after, NYCIRB released another memo providing loss costs for each employment classification (Exhibit A). These values are not final rates, but the basis for such. Insurers apply their approved loss cost multipliers to the loss costs to develop their final rates.
Premium rates for worker’s compensation are determined annually. Reduction in loss cost rates should lead to lower premiums and workers’ compensation savings for most New York employers next year. We’re currently having conversations with our clients about these new loss cost rates.
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