West Virginia workers comp rates to decrease 9.1% on Nov. 1
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West Virginia workers compensation rates are set to decrease 9.1% this fall, which the state says will result in $32 million in premium savings for employers.
A rate reduction proposed last week by the Boca Raton, Florida-based National Council on Compensation Insurance Inc. marks the 10th consecutive workers comp rate cut for the state, West Virginia Gov. Earl Ray Tomblin said in a statement Thursday. The new rate will be effective Nov. 1.
West Virginia employers have seen $280 million in workers comp premium savings since the state privatized its workers comp system in 2005, the statement said.
“This rate reduction, and the related premium savings to employers, is a positive indication of the progress that has been made in our market,” West Virginia Insurance Commissioner Michael D. Riley said in the statement.
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