New York Workers’ Compensation Fund Premium, Accounts Down

July 7, 2010

For 2009, the New York State Insurance Fund reported workers’ compensation premium of $1.31 billion and disability benefits premium of $16.6 million.

The competitive fund wrote 41 percent of the state’s workers’ compensation market.

NYISIF’s net written premium was down from $1.36 billion in 2008. Net earned premium fell to $1.3 billion from $1.4 billion. This was due to rate decreases of 20.5 percent in October, 2007 and 5.5 percent in October, 2008. The number of policyholders also fell, from 187,532 at the end of 2008 to 180,008 at the end of 2009, a four percent decline.

The underwriting loss in 2009 was $277,768, compared to a loss of $38,555 in 2008.

Investment income was $155 million, down from $280 million in 2008.

Surplus rose $128 million or six percent in 2009 to reach $2.39 billion.

The 2009 annual report reveals NYSIF paid $177 million in dividends to policyholders and offered advance discounts of up to 35 percent for its safest assureds

Other 2009 facts include:

  • NYSIF conducted 16,422 safety surveys and 2,228 safety training presentations for policyholders.
  • NYSIF saved an estimated $16.6 million due to its anti-fraud efforts, which included 154 arrests, 1,246 investigations and 584 cases referred for prosecution.
  • NYSIF’s disability benefits line of insurance lowered the minimum annual premium to $60 for new and existing policies and paid more than $5 million in premium credits to disability benefits insurance policyholders.

NYSIF is a competitive insurance carrier that sells workers’ compensation and disability benefits insurance to any employer doing business in New York State. In 2009, approximately 180,000 employers held NYSIF workers’ compensation insurance policies (approximately 41% of the market). Approximately 61,400 employers had active NYSIF disability benefits policies.

Was this article valuable?

Here are more articles you may enjoy.