Edited from a Press Release

CHARLESTON, W.VA. – Gov. Jim Justice  announced that West Virginia employers will see a projected $21 million reduction in workers' compensation premiums in the coming year, and have enjoyed a savings of more than $373 million since the program was privatized in 2006.

The National Council on Compensation Insurance (NCCI) recently filed a proposed reduction of 10.3 percent in workers' compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner -- the 13th reduction in 13 years.

Governor Justice said he is pleased with the savings for businesses in the state.

“This rate reduction will really help businesses in our state,” said Governor Jim Justice. “When you look at the strides we’ve made over the past 13 years to lower workers’ compensation premiums, it is impressive how far we’ve come.  This is great news for employers and will translate into more jobs for West Virginians.”

The loss cost rate is effective November 1, 2017.

This is the 13th consecutive reduction since privatization and accounts for a cumulative decrease of 72.2 percent from pre-reform levels. Additionally, a proposed 8.7 percent rate decrease for the assigned risk market also has been filed by NCCI.

Secretary of Revenue Dave Hardy said the privatization of workers compensation insurance in West Virginia is a great success story.

“We are making progress in our workers’ compensation market and we appreciate this good news from the National Council on Compensation Insurance,” Hardy said. “We are definitely on the right path.”

Insurance Commissioner Allan McVey agreed.

“I believe workplaces are safer and claims that do occur are being handled very well,” McVey said. “The system has produced lower costs for employers while protecting their employees resulting in more productive work environments. It’s a win-win all around.”