New York insurance regulators have approved a 7.7 percent hike in workers’ compensation loss costs — an increase that will go into effect in October.
The New York Compensation Insurance Rating Bureau (NYCIRB), the state’s rate service organization, recommended the change in June.
The approved loss cost is used by workers’ compensation insurance companies in setting premiums.
NYCRIB said loss costs by classification and related rating values will be published by August 1.
__
Source: NYCIRB
Was this article valuable?
Here are more articles you may enjoy.
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Oil Trader CFOs Say Hormuz Closure Driving Wave of Disputes 
