According to Triple-I, New York ranks among the highest-cost states for multiple insurance cost drivers. It is the third-highest in auto repair cost severity, third-highest in carrier expense ratio, third-highest in injury claim severity, and eighth-highest in accident frequency. Those structural pressures, Triple-I said, are layered onto dense urban traffic, a complex no-fault regime and an active plaintiff bar — all off which tend to magnify claim costs and keep loss trends elevated for carriers.
