NEW YORK—New York state has approved a workers compensation loss cost rate increase that averages 7.7%, the New York Compensation Insurance Rating Board said.

The board said the workers comp rate hike, approved Friday by the New York State Insurance Department, is effective Oct. 1.

Loss cost rates typically cover only claims expenses and claims adjusting costs and do not include provisions for other insurer expenses or profits.

The board said loss costs by classification and related rating values will be posted on its website at www.nycirb.org as soon as they are available, but no later than Aug. 1.