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RICHMOND, Va.—The Virginia State Corporation Commission has approved an average 10.5% rate increase for most workers compensation insurance in the state.
Voluntary market rates also will increase 16.8% for surface coal mines and 13.4% for underground coal mines in Virginia, the commission said Thursday in a statement.
The rate changes are effective April 1, 2012.
Boca Raton, Fla.-based NCCI Holdings Inc. had requested the overall average rate change in July. In a September presentation, NCCI said lost-time claim frequency in Virginia had increased 4.7% in 2009, the first such increase since 2002.
The Virginia commission said it approved an average 11.4% rate hike for assigned risk market accounts in 2012. NCCI had requested an 8.8% assigned risk increase in its July filing.