Business

Workers compensation premium reduction proposed

CHARLESTON -- Gov. Jim Justice announced Friday that a proposed premium reduction for West Virginia's workers compensation will result in a projected $15 million savings for employers.

In a release from his office, Justice said the National Council on Compensation Insurance, West Virginia's rating and statistical agent, has filed a proposed workers' compensation loss cost decrease of 9.1%, effective Jan. 1.

The latest filing represents the 20th consecutive year of loss cost decreases, the release said. The market has experienced approximately $481 million in premium savings since the workers' compensation program was privatized in 2006.

"What it shows us or signals is an improvement in workplace safety and efficiency," Justice said during his online briefing Friday.

While the loss cost decrease of 9.1% applies to all standard classifications, a proposed 10.4% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner, the release said.