State Insurance Fund Leaves LCM Unchanged

​The New York State Insurance Fund​ (NYSIF) has announced that it is leaving its loss cost multiplier unchanged at 1.27. The announcement follows a recent announcement by the New York Compensation Insurance Rating Board (NYCIRB) that Workers Compensation insurance loss costs will decrease by an averagte of ​8.7% on October 1.​Loss costs are a component of insurance rates that reflect an insurer's expected cost of paying losses and allocated loss adjustment expenses. They do not include the insurer's overhead and profit. The loss cost multiplier is a numerical factor that the insurer applies to the loss cost to arrive at an appropriate rate. For example, ​the October 1, 2022 loss costs…

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