Workers' Compensation Committee Update
Staff contact: Lev Ginsburg
July 16, 2013
Loss Cost Approval
The New York State Department of Financial Services has approved an average 9.5% increase in workers compensation loss costs for new and renewal business to become effective on October 1, 2013. The Opinion and Decision is available here.
This approval follows an initial NYCIRB request of a 16.9% loss Cost. The decision of DFS reflects some of the real costs in the system and the need to secure market stability.
The Business Council and our members remain ever committed to working toward cost-saving reforms that would ultimately result in lower comp costs for all.