Industry News

Abstract: Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. Body: ​Overall loss costs for Workers' Compensation (WC) insurance in New York will decrease by an average 13.2%, according to the New York Compensation Insurance Rating Board. The change in loss cost levels applies effective October 1, 2025.This is the ninth consecutive year that WC insurance loss costs have decreased in New York.Loss costs are not premium rates. They reflect the expected cost of paying losses plus adjustment expenses. Each insurance provider, including the New York State Insurance Fund,…

Abstract: Nominate a nonprofit for the 2025 Insurance Industry Charitable Foundation (IICF) Local Grant Program. Body: ​Independent insurance agents across New York and Connecticut have always been the heart of their communities - volunteering their time, supporting local initiatives, and stepping up in moments of need. Now, you have an opportunity to take that impact even further by nominating a nonprofit for the 2025 Insurance Industry Charitable Foundation (IICF) Local Grant Program.The IICF Northeast Division is offering grants of at least $2,500 to deserving 501(c)(3) public charities that serve communities in New York, New Jersey, and Connecticut. As an agent, you can be the sponsoring insurance…

Abstract: The New York State Workers' Compensation Board has announced that maximum weekly disability benefit will increase to $1,222.42​. Body: ​The New York State Workers' Compensation Board has announced that maximum weekly disability benefit will increase to $1,222.42​. By law, the board adjusts the maximum weekly benefit each year effective July 1. The current maximum​ is $1,171.46.The maximum weekly benefit rate for workers' compensation claimants is two-thirds of the New York State Average Weekly Wage for the previous calendar year, as determined by the New York State Department of Labor. The Labor Department reported that the statewide average weekly wage in 2024 was $1,833.63.The new limit applies to…