NEW YORK — Monthly premiums will rise in 2026 by an average of 7.1 percent for state-regulated individual insurance plans, and by about 13 percent across the small group market.

The state Department of Financial Services announced the approved rate actions Friday, which will affect about 930,000 New Yorkers statewide.

Details: Insurance companies had requested an average rate increase of 13.5 percent in the individual market and 24 percent in the group market, according to the department. The approved rates represent a savings of $148.2 million for New Yorkers with insurance from the individual market and $810.8 million for small businesses that purchase small group coverage for their workers.Premiums will be further reduced for New Yorkers who are eligible for federal tax credits through New York State of Health, the official health plan marketplace. Some small businesses will also be eligible for tax credits.

One insurer — EmblemHealth — will reduce rates next year; premiums will decrease by 9 percent on the individual market, the department ruled.

Why it matters: Nationwide, insurers with Affordable Care Act-regulated plans sought their largest premium increases in years, according to an analysis by health policy research organization KFF.

Insurers cited high drug costs, inflation and the potential expiration of enhanced premium tax credits at the end of this year. Eric Linzer, president and CEO of the New York Health Plan Association, also faulted “significant” price increases demanded by hospitals and other providers and mandated benefits and taxes on health insurance, which he said add more than $1,000 to the cost of coverage.“Affordability is the most pressing health care issue for individuals and small businesses,” he said in a statement Friday. “It’s critical that Congress act now to extend the health care tax credits before hundreds of thousands of New Yorkers face significant cost increases.”