CHARLESTON, W.Va. — A national rating organization has announced it will once again lower workers’ compensation rates in West Virginia, Gov. Earl Ray Tomblin announced Friday.
The National Council on Compensation Insurance (NCCI) is proposing a 14.7 percent reduction in the loss cost rate. The decrease will mean West Virginia employers will save $36 million in premiums in the coming year, the governor said.
“These consistent premium reductions are resulting in a climate that fosters growth and innovation among West Virginia businesses,” Tomblin said in a news release. “The fiscally-responsible policies we put in place years ago are paying off for companies and are helping us realize continued job expansion in our state.”
It’s the 12th reduction in 12 years. Workers’ comp savings have topped $352 million since the program was privatized in 2006.
The loss cost rate goes into effect Nov. 1.