West Virginia employers’ rates for workers’ compensation are heading down again after regulators approved a statewide average 9.1 percent decrease in loss cost rates.
Insurance Commissioner Michael D. Riley approved the filing submitted last month by the National Council on Compensation Insurance that is expected to save employers $37 million.
West Virginia Director of Rates and Forms Bill Adamson said the state welcomed the decrease, which is the latest since the state privatized its workers’ compensation market in 2006. All told, since then loss cost rates have dropped by 40.4 percent.
“We were surprised by this year’s filing,” said Adamson. “We were expecting a minor increase, but not 9.1 percent.”
In addition to the rate decrease in the private market, Riley also approved NCCI’s requested 14.3 percent reduction in rates in the assigned risk pool, despite the fact it showed some minor growth last year.
That growth, however, was offset by a reduction in the contracts paid to insurers administering the residual pool’s policies and claims.
The new rates will apply November 1.
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