Workers Comp Loss Costs To Drop 9% in October
New York Workers' Compensation insurance loss costs are set to decrease by an average 9% this fall according to a recent action by the state Department of Financial Services (DFS.) The New York Compensation Insurance Rating Board (NYCIRB) announced last week that DFS had approved its new loss cost filing, effective October 1, 2024.Loss costs are values calculated by the NYCIRB and, for each rating classification, include provisions for:Expected lossesLoss adjustment expensesTerrorismNatural disasters, andCatastrophic industrial accidents.They are not rates. Individual insurance carriers and the New York State Insurance Fund (NYSIF) must apply additional factors, known as "loss cost multipliers," that include provisions for carrier overhead expenses…