"The loss cost decrease is primarily driven by changes in lost-time claim frequency, which has continually declined since 2010," NCCI's David Benedict says. "The lower proposed overall average assigned risk rate level reflects the observed improvement in the assigned risk market experience and lower assigned risk expenses." (Credi: Luis Molinero/Shutterstock.com)
The National Council on Compensation Insurance (NCCI), which serves as West Virginia's rating and statistical agent, has filed a proposed workers' compensation loss cost decrease of 7.9%. The premium reduction would be effective Nov. 1, 2021, resulting in a projected $15 million in savings to employers in the state, according to a release from the West Virginia Offices of the Insurance Commissioner.
The filing was based on experience data as of year-end 2020 from policy years covering 2017, 2018 and 2019, NCCI's State Relations Executive David Benedict tells PropertyCasualty360.com, adding all three policy years showed favorable loss experiences. He notes other states are seeing similar filings with proposed rate decreases.
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