NCCI Proposes 12% Loss Cost Decrease

The National Council on Compensation Insurance submitted a rate filing recommending that the Virginia State Corporation Commission reduce loss costs by 12%, effective April 1. The filing also recommends a 15.8% decrease in assigned risk market rates. NCCI said in a summary of the filing that experience in recent years has improved and that policy year 2022 was consistent with policy year 2021. Lost-time claims relative to premiums have generally declined over the last eight years, and severity continues to improve as a result of the medical fee schedule. The workers’ compensation syst...