New York Workers Compensation Rates Increase by 5%

New York State Insurance Superintendent Howard Mills threw a bone to workers compensation insurance carriers in New York State by granting them a 5% rate increase last week. The workers compensation carriers are lucky they got any increase in the wake of the AIG scandal. An excellent analysis can be found at the Workers Comp Insider blog (which is a must read for anyone involved in the workers compensation claim industry).
Does this mean they will now give workers compensation claimants the benefit increase they deserve? Fat chance! The smart bet is that injured workers will not see a benefit increase until Governor Pataki finds greener pastures in Iowa. By that time, New York’s maximum workers compensation rate should be dead last in the nation! A proud day in New York labor history…