March 21, 2018

WorkCompRecap: Rolling Reductions!

Today’s issue of WorkCompRecap features West Virginia Governor Earl Ray Tomblin’s recent announcement that the state will be seeing an 8.8% overall reduction in workers’ compensation loss cost rates from NCCI. This most recent adjustment serves as the ninth consecutive decrease in loss costs since privatization, and accounts for a cumulative decrease of 48.1% from pre-reform levels.

Governor Tomblin noted that with the reduction employers will have saved $250 million since workers’ comp privatization, and also pointed out the recent reduction in the workers’ comp regulatory surcharge effective January 1, 2013, which will result in further cost savings.

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