NCCI proposes premium reduction for West VirginiaPosted On: Jul. 23, 2019 11:16 AM CST
The National Council on Compensation Insurance has filed a proposed workers compensation loss cost decrease of 1.6% effective Nov. 1, which would result in a projected $3 million in savings to West Virginia employers, the West Virginia Office of the Insurance Commissioner announced Friday.
Since the state workers comp program was reformed and privatized in 2006, the market has experienced approximately $401 million in premium savings, with the latest filing representing the 15th year of loss cost decreases and accounting for a cumulative 76.2% reduction from pre-reform workers compensation levels, according to a statement.
While the loss cost decrease of 1.6% applies to all standard classifications, a proposed 4.1% rate decrease for the assigned risk market has also been filed, according to the statement.
State Insurance Commissioner Jim Dodrill said in the statement that “while this year’s decrease is smaller than in prior years, it is a clear indicator of the very positive growth the State is experiencing in the coal industry and other business sectors.”