The National Council on Compensation Insurance (NCCI) recently filed a proposed reduction of 14.7 percent in workers’ compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner—the 12th reduction in 12 years. The loss cost rate is effective Nov. 1, 2016.
With the reduction, West Virginia employers will see a projected $36 million reduction in workers’ compensation premiums in the coming year. Savings since the program was privatized have been more than $352 million, according to the governor’s office.
This is the 12th consecutive reduction since privatization and accounts for a cumulative decrease of 69.1 percent from pre-reform levels. Additionally, a proposed 14.4 percent rate decrease for the assigned risk market also has been filed by NCCI.
“These consistent premium reductions are resulting in a climate that fosters growth and innovation among West Virginia businesses,” says West Virginia Gov. Earl Ray Tomblin. “The fiscally-responsible policies we put in place years ago are paying off for companies and are helping us realize continued job expansion in our state.”
Source: office of the governor
