WV sees reduction in workers' comp insurance rates - Beckley, Bluefield & Lewisburg News, Weather, Sports

WV sees reduction in workers' comp insurance rates

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: One lane of Route 20 near Hinton is back open

    BREAKING: Route 20 in Hinton blocked by rockslide

    Thursday, April 17 2014 6:39 PM EDT2014-04-17 22:39:43 GMT
    Dispatchers in Summers County are asking people to use caution this morning while traveling on Route 20.The road was closed at around 8:40 a.m. after rocks tumbled into the roadway.  Route 20 is closed
    Dispatchers in Summers County are asking people to use caution this morning while traveling on Route 20.
  • 1800s schoolhouse found in barn in Mercer County

    1800s schoolhouse found in barn in Mercer County

    Thursday, April 17 2014 6:38 PM EDT2014-04-17 22:38:55 GMT
    A property owner finds an old schoolhouse during demolition on his barn near the Moncalm area of Mercer County. Historians say the structure is the old Mullins School and believe it's hundreds of years
    A property owner finds an old schoolhouse during demolition on his barn near the Moncalm area of Mercer County.
  • Thanked an emergency dispatcher? It's their day

    Thanked an emergency dispatcher? It's their day

    Thursday, April 17 2014 6:06 PM EDT2014-04-17 22:06:19 GMT
    Thursday is national Dispatcher Day. We are also in National Public Safety Telecommunicators Week. It's a time to celebrate and thank those who dedicate their lives to serving the public and to set aside
    Thursday is national Dispatcher Day. We are also in National Public Safety Telecommunicators Week. It's a time to celebrate and thank those who dedicate their lives to serving the public and to set aside

For the ninth consecutive time, the National Council on Compensation Insurance has reduced West Virginia's workers' compensation insurance rates, Gov. Earl Ray Tomblin announced July 22.

The NCCI filed a proposed 8.8 percent overall decrease with the West Virginia Insurance Commissioner, which is expected to result in $36 million of projected premium reductions for West Virginia employers. The new loss cost rate is effective Nov. 1. In addition, NCCI filed an 8.5 percent rate reduction in the residual market as part of the filing.

"With this reduction, West Virginia employers will have saved $250 million since workers' compensation privatization," Tomblin said. "These savings demonstrate our willingness to address problems within the workers' compensation market years ago was the right decision for West Virginia employers and employees.

Industry officials are pleased with the reductions, saying the move indicates a safer workplace.

"We are encouraged by the announcement that workers' compensation rates are going down. This is an indication that our workplaces are becoming safer and that our businesses continue to make their employees a priority," said Jan Vineyard, president of the West Virginia Oil Marketers and Grocers Association, West Virginia Trucking Association and West Virginia Wholesalers Association. "The other good news is that our businesses are able to take workers' compensation savings and invest them back into their businesses. This is another example that West Virginia is heading in the right direction."

Karen Price, president of the West Virginia Manufacturers Association, said the announcement contributes to an improving business climate.

"Since West Virginia privatized our workers' compensation system, manufacturers have continued to see their premiums reduced," Price said. "Our members work hard to protect the safety of their employees and this announcement reinforces their efforts.

"Additionally, reductions in our workers' compensation contribute to our ever-improving business climate."

According to information from the governor's office, loss costs is the estimated amount necessary to pay all medical and indemnity costs associated with workers' comp claims. All workers' compensation insurance carriers use loss cost to calculate rates.

This serves as the ninth consecutive decrease in loss cost since workers' compensation was privatized 2005 and accounts for a cumulative decrease of 48.1 percent from pre-reform levels.