West Virginia's rating and statistical agent, the National Council on Compensation Insurance (NCCI), has filed a proposed workers' compensation loss cost decrease of 7.9 percent. The premium reduction would be effective November 1, 2021, and results in a projected $15 million in savings to employers in the state.

The workers' compensation program was privatized in 2006, and since then the market has experienced approximately $432 million in premium savings. According to the press release, the latest filing represents the 17th consecutive year of loss cost decreases and accounts for a cumulative 79 percent reduction from pre-reform workers' compensation levels.

The loss cost decrease of 7.9 percent applies to all standard classifications, but a proposed 9.8 percent rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner. You can read the press release here.