The National Council on Compensation Insurance is recommending a 9.1% decrease in workers’ compensation loss cost projections for the West Virginia voluntary market. If approved by regulators, it would mark the 20th straight year of rate decreases for the state, Gov. Jim Justice said.
The NCCI also is recommending a 10.4% rate cut for the assigned risk market.
The decreases could result in a $15 million savings for West Virginia employers, the governor said in a statement last week. The cut follows a 12.7% voluntary market loss cost decrease in 2023.
As of 2022, West Virginia was ranked 2nd-lowest in the country in workers’ compensation costs, according to the latest survey by the Oregon Department of Consumer and Business Services. North Dakota ranked lowest and New Jersey was the most expensive. The 2024 survey should be published this fall, the agency said.
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