West Virginia Gov. Jim Justice announced that the National Council on Compensation Insurance filed a proposed workers compensation loss cost decrease of 7.2%, effective Nov. 1.
The premium reduction results in a projected $14 million in savings for the state’s employers, the governor said in a statement.
In addition to the 7.2% loss cost decrease, NCCI is proposing a 9.3% rate reduction for the assigned risk market.
The governor’s office said the filing proposes the 18th consecutive loss cost decrease and, if approved, would result in a cumulative 81.3% reduction since the workers compensation market was privatized in 2006.
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