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West Virginia is located in the heart of Appalachia, strategically located and connected to major metropolitan areas up and down the Eastern U.S. and Canada. Learn how our low cost of living and pro-business tax climate coupled with a high quality of life make life better here.

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The West Virginia Development Office works hard to make the process of locating in West Virginia smooth and seamless. Our team walks with businesses every step of the way to locate a new site, expand facilities, export goods, train to employees, and much more.

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West Virginia is home to more than 130 businesses representing 27 countries from around the world, and West Virginia businesses export goods and services to more than 95 countries. Learn how our international team works out of three worldwide office to foster global engagement.

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Newsroom

West Virginia announces 12th consecutive reduction in workers' comp rates

Friday, July 29 2016

West Virginia State Capitol

CHARLESTON, W.Va. (July 29, 2016) - Gov. Earl Ray Tomblin today announced West Virginia employers will see a projected $36 million reduction in workers' compensation premiums in the coming year, and have seen a savings of more than $352 million since the program was privatized in 2006.

The National Council on Compensation Insurance (NCCI) recently filed a proposed reduction of 14.7 percent in workers' compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner - the 12th reduction in 12 years.

"These consistent premium reductions are resulting in a climate that fosters growth and innovation among West Virginia businesses," Gov. Tomblin said. "The fiscally-responsible policies we put in place years ago are paying off for companies and are helping us realize continued job expansion in our state." 

The loss cost rate is effective November 1, 2016.

This is the 12th consecutive reduction since privatization and accounts for a cumulative decrease of 69.1 percent from pre-reform levels. Additionally, a proposed 14.4 percent rate decrease for the assigned risk market also has been filed by NCCI.
  
 "The State of West Virginia continues to make great strides in our workers' compensation market," said Insurance Commissioner Michael D. Riley. "Businesses and employees across the state should be very encouraged by this consistent vote of confidence from the National Council on Compensation Insurance."

Click here to learn more about West Virginia's competitive business costs.  

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