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
The New York State budget enacted last month added new guaranty fund protections for health insurance policies. They took effect on May 3, 2023.A series of provisions in the budget bills renamed The Life and Health Insurance Company Guaranty Corporation of New York Act as "The Life and Health Insurance Company Guaranty Corporation of New York Act." The purpose of the act was amended to include health care providers as among the protected groups. It also states that the protected groups include those who may benefit from health insurance policies issued by health insurance and property-casualty insurance companies.If a health insurance company or a property-casualty company that…
As we head into the second half of 2023, the insurance marketplace remains in a state of flux. We've seen some strong underwriting results from carriers leading to softening in some markets, while also experiencing some of the hardest market conditions we've faced in decades for others.In February, we published our State of the Market – Q1 2023 and not much has changed since. These are common themes running through the property segment of almost every industry:Catastrophic weather events—major hurricanes making U.S. landfall in five out of the last six years, wildfires engulfing thousands of acres, unprecedented winter storms, Midwest flooding, etc.—have played a major…