CHARLESTON, W.Va. – West Virginia employers will see a projected $43 million reduction in workers’ compensation premiums in the coming year after the 11th consecutive reduction in rates was announced by Gov. Early Ray Tomblin today, July 31.
Tomblin also announced West Virginia employers have seen a savings of more than $323 million since the program was privatized in 2006.
The National Council on Compensation Insurance (NCCI) recently filed a proposed reduction in workers’ compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner – the 11th reduction in 11 years.
“For years, we have worked hard to create a business climate in West Virginia that encourages companies to innovate and expand,” Tomblin said. “This rate reduction shows our prudent and fiscally responsible policies are helping businesses operating here, and they are benefiting from both lower taxes and lower workers’ compensation insurance premiums. This rate reduction reaffirms the steps we are taking to move in the right direction for continued job growth.”
NCCI, the state’s rating and statistical agent, has proposed an overall decrease of 12.1 percent with the Offices of the West Virginia Insurance Commissioner. The loss cost rate is effective November 1, 2015.
This is the 11th consecutive reduction since privatization and accounts for a cumulative decrease of 63.7 percent from pre-reform levels. Additionally, a proposed 15.3 percent rate decrease for the assigned risk market has also been filed by NCCI.
“West Virginia continues to make great progress in our workers’ compensation market,” said Insurance Commissioner Michael D. Riley. “This consistent vote of confidence by the NCCI should be very encouraging to our businesses as well as their employees.”