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NEWS: Workers Comp Insurance Premiums could rise due to increased "Loss Costs"

Posted on Jul 21, 2009

NEWS FLASH!!!! IF YOU PASS LEGISLATION TO HELP PEOPLE AND SAVE COSTS, YOU SHOULD ALSO MAKE SURE THAT YOU ACTUALLY FOLLOW THROUGH WITH ENACTING EACH ASPECT OF THE LEGISLATION!

Injured workers and employers hurt by New Yorks failure to act. The New York State Insurance Department has approved a 4.5% increase in workers compensation loss costs, a figure used to determine what individual insurance companies can charge for premiums in workers compensation. This is a result of the failure to enact many aspects of the 2007 Spitzer reforms that have increased benefits to claimants and decreased cost to employers. However, the failure to enact key provisions and the economic downturn has lead to increased costs.

In a recent article at www.workcompcentral.com, Michael Whitely, Eastern Bureau Chief, describes how all parties involved in the workers compensation process agree that the failure of the Workers Compensation Board and the State Insurance Department to enact important aspects of the 2007 Reform legislation has left the participants in limbo, and therefore led, in part, to the increased "loss cost ratio" that will lead to increased premiums. (See Full Article)

The maximum weekly rate payable to an injured worker has increased each year since the passage of the Reform bill, a very good thing for injured workers. New York used to rank almost last in benefits to injured workers. However, the additional savings for employers as part of that trade off has not yet taken effect (limits on overall payments and reigning in the cost of medical care by providing medical treatment and impairment guidelines). These factors, combined with the economy may be behind the increased "loss cost" that will be used to determine premiums.

This can be a negative factor for both injured workers and employers since the pressure will be on both parties to save costs!

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