Charleston, WV – Governor 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 12.7%, effective Nov. 1, 2023.
This premium reduction results in a projected $20 million in savings to West Virginia employers.
“Today marks another day of great economic news in West Virginia,” Gov. Justice said. “Businesses around the state will again see massive savings and, in turn, reinvest that money into our economy. It’s truly a win for everyone.
“We continue to make this state better as we attract individuals and businesses. This is an incredibly promising time to be part of West Virginia’s story.”
Since the workers’ compensation program was privatized in 2006, the market has experienced approximately $466 million in premium savings.
This latest filing represents the 19th consecutive year of loss cost decreases.
While the loss cost decrease of 12.7% applies to all standard classifications, a proposed 16.9% 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