Wednesday, June 2, 2010

New York WC Rate Increase Sought

WCIRB, the New York equivalent of NCCI, has filed for a 7.7% increase in loss costs. Loss costs are the major component of manual rates, so if this is approved by NY insurance regulators, Workers Comp rates (and thus insurance premiums) will be increasing in the near future.

This increase is reportedly based mainly in an increase in weekly indemnity benefits that had been approved back in 2007.

It's not a sure thing yet that this full increase will be approved by regulators, as Workers Comp rate increases are always a political football, but it sounds as if it is likely New York state employers may be heading for a rate increase.

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