Workers’ compensation insurance rates drop for 18th straight year, more good news for West Virginia businesses

CHARLESTON, West Virginia – Governor Jim Justice today announced that the National Council on Compensation Insurance (NCCI), West Virginia’s ratings and statistics agent, has filed a proposal to lower the cost of workers’ compensation losses from 7.2%, effective November 1, 2022.

This premium reduction translates into projected savings of $14 million for West Virginia employers.

“This is just great economic news in West Virginia,” Governor Justice said. “Not only does this money represent huge savings for businesses across the state, it will also allow those same businesses to use the money to reinvest in our economy.

“We are making our state better and better, which is going to bring more people and businesses to West Virginia,” Governor Justice added.

Since the privatization of the workers’ compensation program in 2006, the market has realized savings of approximately $446 million in premiums.

This latest filing represents the 18th consecutive year of lower claims costs and represents a cumulative reduction of 81.3% from pre-reform workers’ compensation levels.

While the 7.2% loss cost decrease 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.

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