On May 15, Gov. Andrew M. Cuomo announced that the New York Compensation Insurance Rating Board (CIRB) has submitted an overall workers' compensation rate decrease of approximately 4.5 percent, which is expected to save New York employers about $400 million in workers' compensation premiums in 2017.
The reduction in premium rates can be attributed to cost savings measures in the 2018 budget, the CIRB said in its rate filing, as well as to general systems savings 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 reinvest, grow and create more jobs across the state," Cuomo said. "With this rate decrease, New York is providing real savings to businesses helping to make them more competitive while strengthening protections for injured workers at companies across the state."
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
