Author: SBd6tJhwJA

This author has written 780 articles

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…

Continue ReadingState Insurance Fund Leaves LCM Unchanged

Industry Roundup: ​What Property Owners Need to Know About Landlord Insurance; Are We Entering the Age of Pay Transparency?; Allstate Files Another Patent; Investigation Launched into Auto Insurer’s Data Breach

What Property Owners Need to Know About Landlord InsuranceRenting out a property also gives rise to a unique set of potential risks, so getting the right kind of protection is crucial.Are We Entering the Age of Pay Transparency?Many employees are becoming more and more curious about what their colleagues are making, in an ongoing effort to institute pay equity.NHTSA Investigating Another Fatal Tesla CrashThe National Highway Traffic Safety Administration has opened an investigation into a fatal crash involving a Tesla, according to documents viewed by TechCrunch.Cyber Insurance Firm Coalition Valued at $5 Billion After Fund RaiseCoalition raised $250 million in a late-stage funding round last…

Continue ReadingIndustry Roundup: ​What Property Owners Need to Know About Landlord Insurance; Are We Entering the Age of Pay Transparency?; Allstate Files Another Patent; Investigation Launched into Auto Insurer’s Data Breach

Workers Comp Loss Costs To Drop 8.7%

​The New York Compensation Insurance Rating Board announced today that the state Department of Financial Services (DFS)  has approved a reduction in Workers' Compensation insurance loss costs. New York employers will see an average 8.7 percent decrease in the loss costs used to calculate their premiums effective Oct. 1, 2022.You can find the new loss costs in the board's announcement.Separately, the board also announced that DFS has approved new rating values for the New York Experience Rating Plan. The values, which are also effective Oct. 1, 2022, are used to calculate an eligible employer's experience modification factor. This factor increases or decreases an employer's Workers'…

Continue ReadingWorkers Comp Loss Costs To Drop 8.7%