NYS Approves Workers’ Comp Loss Cost Revision for 10/1/18

The New York State Department of Financial Services (DFS) recently approved a 11.7% reduction in the overall loss cost level in New York State.

These changes will be effective on October 1, 2018; they will not impact your Workers’ Compensation policy until the policy renews on or after 10/1/18.

Keep in mind that while the average decrease is 11.7%, the actual increase or decrease varies by class code.

Further, note that these changes by classification reflect changes in loss costs, not final rates. Final rates will also factor in carriers’ “loss cost multiplier.” Therefore, these loss cost changes may not be indicative of a carrier’s actual rate changes as of 10/1/18.

The GKG team is currently analyzing the potential impact to our clients. We will be reaching out to clients directly beginning in September. At that time, we will provide further detail on the impact to you as well as potential strategies to address that impact.

In the meantime, do not hesitate to contact your GKG Account Manager with any questions.