Governor Jim Justice announced today that the National Council on Compensation Insurance (NCCI), West Virginia’s rating and statistical agent, has filed a proposed workers’ compensation loss cost decrease of 12.7%, effective Nov. 1, 2023. This premium reduction results in a projected $20 million in savings to West Virginia employers. ince the workers’ compensation program was privatized in 2006, the market has experienced approximately $466 million in premium savings. This latest filing represents the 19th consecutive year of loss cost decreases. While the loss cost decrease of 12.7% applies to all standard classifications, a proposed 16.9% rate decrease for the assigned risk market has also been filed with the West Virginia Offices of the Insurance Commissioner.