Charleston, WV – Gov. Jim Justice recently announced that the National Council on Compensation Insurance (NCCI), West Virginia’s rating and statistical agent, has filed a proposed workers’ compensation loss cost decrease of 7.2%, effective Nov. 1, 2022.
This premium reduction results in a projected $14 million in savings to West Virginia employers.
“This is just more great economic news in West Virginia,” Gov. Justice said. “Not only does this money represent enormous savings for businesses across the state, but it will also allow these very businesses to use the money to reinvest in our economy.
“We’re making our state better and better, which is going to bring more people and businesses into West Virginia,” Gov. Justice added.
Since the workers’ compensation program was privatized in 2006, the market has experienced approximately $446 million in premium savings.
This latest filing represents the 18th consecutive year of loss cost decreases and accounts for a cumulative 81.3% reduction from pre-reform workers’ compensation levels.
While the loss cost decrease of 7.2% applies to all standard classifications, a proposed 9.3% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.
Source: WV Governor’s Office