West Virginia employers should see a $32 million decrease in workers’ compensation premiums during the coming year, Gov. Earl Ray Tomblin announced Thursday.
West Virginia employers have already saved more than $280 million since the program was privatized in 2005 to BrickStreet Insurance.
“We’ve worked hard in West Virginia to create a business climate that encourages companies to innovate, expand and create new jobs,” Tomblin said. “With this rate reduction, our businesses are reaping the rewards of both lower taxes and lower workers’ compensation insurance premiums. The new rates are an excellent sign that our state continues to move in the right direction for continued job growth.”
The National Council on Compensation Insurance (NCCI), West Virginia’s rating agent, filed a proposed reduction in workers’ compensation loss rates with the West Virginia Insurance Commissioner. It is the tenth consecutive reduction in 10 years.
“West Virginia is reaping the fruits of our labor from the reforms of the state’s workers’ compensation program,” Sen. Joe Manchin, D-W.Va., said,
“Privatizing workers’ compensation in West Virginia was one of my most rewarding achievements,” Manchin said.
“I thank Gov. Tomblin for his courageous efforts at the time as Senate president to help accomplish these reforms in 2005.”
Today, worker’s comp fees are 58.7 percent less than they were 10 years ago.
“We are encouraged that our workers’ compensation market continues to move in a positive direction for our businesses and their employees,” Insurance Commissioner Michael D. Riley said.