CHARLESTON, W.Va. — West Virginia’s agent for workers’ compensation has filed a proposed loss cost decrease of 1.6%, which would result in a projected savings of $3 million for state employers.
The workers’ compensation program was privatized in 2006. According to the National Council on Compensation Insurance, the market has experienced around $401 million in premium savings. The latest filing shows a 15th consecutive year of loss cost decreases.
A proposed 4.1% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.