HEY Brokers, New York counties are looking for private insurance!

The New York State Association of Counties (NYSAC) announced last week it has teamed up with PERMA, the state’s largest municipal workers’ compensation pool.

This partnership is partially being formed to sent a message to Albany that since the 2007 workers comp reform was put into place maximum weekly workers comp benefits have nearly doubled and loss costs have doubled. (Maximum weekly workers’ compensation benefits went from  $400 in 2007  to  a maximum of $772.91 and The New York Insurance Department approved loss cost increases of 4.5% in 2009, 7.7% in 2010 and 9.1% effective October 2011.)

Some counties are considering closing their self-insurance plans and are shopping for private insurance others already went to the state insurance fund.

Brokers that have relationships with counties have a major opportunity here!!

NYSAC announcement here.