Industry News

​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'…

​U.S. Active Shooting Insurance Rates Jump as Incidents RiseAccording to insurers, the cost of purchasing insurance against mass shootings has increased by more than tenfold in the United States this year as a result of a string of deadly events.The Next Frontier for Drones: Letting Them Fly Out of SightAviation authorities in the U.S. and elsewhere are preparing to relax some of the safeguards they imposed to regulate a boom in off-the-shelf consumer drones over the past decade. NHTSA Plans New Push Against SpeedingThe head of National Highway Traffic Safety Administration (NHTSA) said on Wednesday the agency plans a new push to convince Americans to…

Legal Clashes Await U.S. Companies Covering Workers' Abortion CostsA growing number of large U.S. companies have said they will cover travel costs for employees who must leave their home states to get abortions, but these new policies could expose businesses to lawsuits and even potential criminal liability, legal experts said.Adapting to Changing Policyholder Behaviors & ExpectationsThere is a need to evolve data analytics alongside changing customer behaviors and expectations.How Cannabis Legalization in NY is Affecting Landlords One Year LaterLandlords should first check with their insurers before renting to determine whether any loss arising from marijuana use by a tenant must be excluded.Cyber Pirates Prowling Ship…