Real Business Groups Oppose Rate Hike

Last week, WCA posts observed that the Business Council of New York State was inexplicably supporting a 9.3% increase in workers' compensation costs for the members it supposedly speaks for - New York State employers.  The WCA also noted that there is no credible data showing that claims by injured workers support the rate filing supported by the Business Council.  To the contrary, claim costs are down.  We can only conclude that the "employers" the Business Council speaks for are really insurance companies, and not Main Street businesses.

This week, two groups that represent real New York employers publicly objected to the very same rate filing the Business Council supports.  In a press release on its web site, the Retail Council called for "an industry-wide actuarial study before DFS considers any further rate increases," citing specific concerns it has with lack of data provided by the State Insurance Fund.  The Retail Council's press release can be found at:

Retailers bash bid for 10% workers’ comp rate hike

Meanwhile, the Business and Labor Coalition of New York (BALCONY) also opposed to rate filing.  In its press release, BALCONY said that it "oppose[s] the request filed by the New York Compensation Insurance Rating Board for a 9.3% increase ... [because] there is no justification for such a steep increase."  BALCONY also noted that "workers' compensation insurance is a relatively small part of our business members' costs," but that there is no "reasonable or proven justification" to increase rates.  The BALCONY press release can be found at:

http://www.balconynewyork.com/2016/07/05/12242/ The WCA applauds the Retail Council and BALCONY for giving voice to the interest of New York employers over the multinational insurance industry.