Virginia Loss Costs Up Nearly 10% in Voluntary Market

The Virginia State Corporation Commission announced Monday that it approved a 9.9% increase in loss costs for the voluntary industrial market and a 2.7% decrease in the assigned-risk industrial market. The commission rejected a new rate-making methodology proposed by NCCI that would have resulted in a smaller increase in the voluntary market rate but an increase instead of a decrease for the assigned-risk pool. NCCI had proposed an 8.7% increase for the voluntary industrial market and a 1.5% increase for the assigned-risk pool industrial market. But the state Bureau of Insurance objected,...