Proposed Premium Reduction Projected to Save West Virginia Employers $16 Million

JULY 28, 2020 – WORKCOMPWIRE

Charleston, WV – The National Council on Compensation Insurance (NCCI), West Virginia’s rating and statistical agent, has filed a proposed workers’ compensation loss cost decrease of 8.3% effective November 1, 2020.

This premium reduction results in a projected $16 million in savings to West Virginia employers.

Since the workers’ compensation program was privatized in 2006, the market has experienced approximately $417 million in premium savings.

This latest filing represents the 16th consecutive year of loss cost decreases and accounts for a cumulative 78.2% reduction from pre-reform workers’ compensation levels.

While the loss cost decrease of 8.3% applies to all standard classifications, a proposed 11.0% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.

Source: WV Offices of the Insurance Commissioner

FILED UNDER: INDUSTRY NEWS, LEGISLATIVE & REGULATORY NEWS, TOP STORIES, WORKERS’ COMPENSATION