Industry News

​The New York State Workers Compensation Board announced that the state assessment rate on insurance premiums will decline to 9.2%​ next year. The new rate marks a drop from the 2023 rate of 9.8%.State law requires the board each year to set an assessment rate by November 1. The assessment, which applies to Workers Compensation insurance standard premiums (or premium equivalents for self-insured employers) funds the board's operations. The new assessment takes effect on January 1, 2024.Source

Let's get out there and tell the world!!Tell The World?? Ok, how about at least the next generation how awesome the Insurance Industry is....Over the next ten years, thousands of jobs will be available for the teens and young adults of today. We need to do a better job educating them about the wonderful career that we all know and love; too many kids (and adults too) only know about insurance by what they see on TV... the boring desk job selling insurance. In reality, there are SO MANY career paths in the insurance industry! We need to step up and show them about the other aspects of the…

​The New York Compensation Insurance Rating Board announced ​last week 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 2.6 percent decrease in the loss costs used to calculate their premiums effective Oct. 1, 2023.You can find the new loss costs in the board's announcement. Source