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