Couldn’t have said it better myself…no increase, no voluntary coverage. If I were a CEO of a carrier, I’d be looking to get out of the insurance business and invest in something else.
As usual in NY, politics triumphs over economics. You can’t legislate rates, look at how dysfunctional the Mass. auto
market is. This is what you get when you have an attorney for an Insurance Commissioner. And you wonder why the market isn’t easing in NY. Hey Greg-insurance capital is being deployed elsewhere in the country, just not in NY.
Some are saying that by the NYSID not approving the requested WC rate hike, some carriers may not want to write WC as readily in NY? Sorry, but that’s too late. There are a many companies that are already drastically restricting their WC writings in NY. Some wil write BOPs and packages, but tell you to go to the NYSIF for your WC or ANYwhere else.
Politicians love to talk about free markets but when push comes to shove, they wantto control things and the public ultimately pays the price.
This is the reason when our company was expanding that we elected NOT to move into New York. Remembering the past when the state legislature depleted the guaranty fund to balance the budget and the reassessed the companies doing business in the state, along with inadequate rates, why would anyone want to do business there? A state that doesn’t want you to make a profit on a line of business (they’ve stated that they want 0 profit on workers comp) is one doomed to failure.
Couldn’t have said it better myself…no increase, no voluntary coverage. If I were a CEO of a carrier, I’d be looking to get out of the insurance business and invest in something else.
As usual in NY, politics triumphs over economics. You can’t legislate rates, look at how dysfunctional the Mass. auto
market is. This is what you get when you have an attorney for an Insurance Commissioner. And you wonder why the market isn’t easing in NY. Hey Greg-insurance capital is being deployed elsewhere in the country, just not in NY.
Some are saying that by the NYSID not approving the requested WC rate hike, some carriers may not want to write WC as readily in NY? Sorry, but that’s too late. There are a many companies that are already drastically restricting their WC writings in NY. Some wil write BOPs and packages, but tell you to go to the NYSIF for your WC or ANYwhere else.
Politicians love to talk about free markets but when push comes to shove, they wantto control things and the public ultimately pays the price.
This is the reason when our company was expanding that we elected NOT to move into New York. Remembering the past when the state legislature depleted the guaranty fund to balance the budget and the reassessed the companies doing business in the state, along with inadequate rates, why would anyone want to do business there? A state that doesn’t want you to make a profit on a line of business (they’ve stated that they want 0 profit on workers comp) is one doomed to failure.