Rating Board Changes Methodology; State Approves 1% Loss Cost Decrease

Starting Oct. 1, the average loss cost level in New York will drop by 1%, a tiny amount compared to some other states' recent reductions, but it is the fifth-straight decrease for the Empire State. Actuaries with the New York Compensation Insurance Rating Board said in its annual forum Thursday that the loss costs don't reflect the coronavirus pandemic and economic recession. It's still too early to plug COVID claims data into the equation, said the board's president, Jeremy Attie. Instead, the small decrease is partly the result of a new ratemaking methodology that ...