Proposed premium reduction projected to save West Virginia employers $15 million

CHARLESTON, WV — Gov. Jim Justice announced on Aug 9th, that the National Council on Compensation Insurance (NCCI), West Virginia’s rating and statistical agent, has filed a proposed workers’ compensation loss cost decrease of 9.1%, effective Jan. 1, 2025.

This premium reduction results in a projected $15 million in savings to West Virginia employers.

Since the workers’ compensation program was privatized in 2006, the market has experienced approximately $481 million in premium savings.

This latest filing represents the 20th consecutive year of loss cost decreases.

While the loss cost decrease of 9.1% applies to all standard classifications, a proposed 10.4% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.