The National Council on Compensation Insurance has filed a proposed workers compensation loss cost decrease of 9.1% effective January 2025 for West Virginia.
The proposed premium reduction is expected to result in a projected $15 million in savings for West Virginia employers, according to the office of Gov. Jim Justice, which announced the news on Friday. Â
In addition to the proposed NCCI loss cost decrease, another 10.4% proposed rate decrease was announced for the assigned risk market, which has been filed with the West Virginia Offices of the Insurance Commissioner, according to the governor’s office. Â
“The latest filing represents the 20th consecutive year that we have decreased workers compensation in West Virginia,” Gov. Justice said in an administrative briefing announcing the news. “Over the entire time, those 20 years, the cumulative dollars that we have absolutely decreased is now in excess of $481 million.”
The governor said the news shows that West Virginia has succeeded in improving workplace safety and efficiency in payouts to insurers.Â
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