West Virginia proposes comp premium reductions

West Virginia Gov. Jim Justice announced a proposed workers compensation loss cost reduction of 8.3%, which could save employers $16 million, according to a statement released Monday.

Boca Raton, Florida-based National Council on Compensation Insurance proposed the premium reduction, which will be the 16th consecutive year the state has experienced loss cost decreases, accounting for a cumulative 78% reduction from pre-reform workers compensation levels.

The decrease applies to all standard classifications, but a proposed 11% decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.

The change is slated to take effect Nov. 1, 2020.