NY Workers’ Compensation Update

The New York Compensation Rating Board (NYCIRB) files for a 2.6% decrease in loss costs to be effective October 1, 2023.
 
NYCIRB’s recommended loss cost filing was sent to the New York State Department of Financial Services (DFS) on May 15, 2023, for their review and approval. This marks the seventh year in a row that NYCIRB has filed for a loss cost decrease. While insurance costs have been on the rise across most lines, workers’ compensation loss costs have defied inflationary pressures. – Lovell Safety Management Co., LLC