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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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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 sees 11th consecutive reduction in workers' comp rates

Friday, July 31 2015

CHARLESTON, W.Va.  – Gov. Earl Ray Tomblin today announced West Virginia employers will see a projected $43 million reduction in workers’ compensation premiums in the coming year, and have seen a savings of more than $323 million since the program was privatized in 2006.

The National Council on Compensation Insurance (NCCI) recently filed a proposed reduction in workers’ compensation loss cost rates with the Offices of the West Virginia Insurance Commissioner – the 11th reduction in 11 years.

“For years, we have worked hard to create a business climate in West Virginia that encourages companies to innovate and expand,” Gov. Tomblin said. “This rate reduction shows our prudent and fiscally responsible policies are helping businesses operating here, and they are benefiting from both lower taxes and lower workers’ compensation insurance premiums. This rate reduction reaffirms the steps we are taking to move in the right direction for continued job growth.”

NCCI, the state’s rating and statistical agent, has proposed an overall decrease of 12.1 percent with the Offices of the West Virginia Insurance Commissioner. The loss cost rate is effective November 1, 2015.

This is the 11th consecutive reduction since privatization and accounts for a cumulative decrease of 63.7 percent from pre-reform levels. Additionally, a proposed 15.3 percent rate decrease for the assigned risk market has also been filed by NCCI.

“West Virginia continues to make great progress in our workers’ compensation market,” said Insurance Commissioner Michael D. Riley. “This consistent vote of confidence by the NCCI should be very encouraging to our businesses as well as their employees.”

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