One Year After 9.3% Rate Hike, NYCIRB Recommends 4.5% Cut

The New York Compensation Insurance Rating Board late Monday recommended that worker’s compensation rates decrease by 4.5%, a $400 million savings to employers. Gov. Andrew Cuomo said the nonprofit association of insurance carriers attributed the reduction in premium rates to cost-savings measures adopted as part of the fiscal 2018 budget and to system savings generated by the state Workers’ Compensation Board. “The reforms to the workers’ compensation system in this year’s budget will help New York businesses cut costs, enabling them to further reinves...