State Approves 10.7% Loss Cost Decrease for 2020

The Virginia Corporation Commission has approved an overall loss cost decrease of 10.7% for the voluntary market and an 8.4% decrease for the assigned-risk market, effective April 1. The National Council on Compensation Insurance recommended the reductions in July, and a public hearing was held in October, according to a circular from NCCI. The decrease follows a 13% reduction for the voluntary market for 2019 and a 10.3% cut for 2018. The numbers reflect a nationwide trend toward fewer injury claims. Virginia, which does not allow compensation for most cumulative trauma injuries, in 2...