Loss Costs Dropping 21.9% Oct. 1

The New York Department of Financial Services approved a workers' compensation filing that state officials said will reduce employer premiums by an average of 22%, beginning in October. The New York Compensation Insurance Rating Board recommended a 21.9% decrease in the overall loss cost level for policies with effective dates on or after Oct. 1. The department approved the filing on Wednesday, Gov. Kathy Hochul said in a statement. Hochul said the loss cost reduction will save employers an estimated $1 billion in premiums, or an average of $1,779 per policyholder. The governor's o...