NYSIF Reports Drop in Net Premiums, Increase in Surplus

Thursday, August 2, 2018 | 0

The New York State Insurance Fund, the market of last resort for workers' compensation, reported a slight drop in net written premium, but an increase in surplus for the fourth straight year.

Eric Madoff
(NYSIF photo)

The fund's 2017 annual report shows $2.27 billion in net written premium for the workers' compensation fund, down slightly from 2016. Net income was $843 million, up slightly from 2016, but much higher than the low point of $138 million in 2014.

Total surplus, which has been eyed by lawmakers hoping to use some of it for other purposes, continues to grow. It was up, to $5.9 billion in 2017, a 69% increase since 2013, the report shows. Investment income has climbed in the last two years, from $615 million in 2015, to $645 million in 2017. That figure, though, is down significantly from the $766 million in investment income in 2013.

The 102-year-old fund serves more than 200,000 policyholders, the report said. Although the fund was established for the residual market, it has grown to cover more than 45% of the workers' comp market in the state, news reports show.

"In 2017, we upheld our promise to expand electronic processing capabilities, to provide more intuitive self-service options and to increase efficiency," the fund's executive director, Eric Madoff, said in the report.