NCCI Proposes 13.5% Rate Cut

The National Council on Compensation Insurance is recommending that the West Virginia Office of the Insurance Commissioner reduce voluntary market loss costs by 13.5%. NCCI is also recommending a 13.9% cut to assigned risk market rates. Claim severity increased in 2024, with higher wages driving the growth in indemnity payments and increased utilization of services driving medical costs.  NCCI also said the combined ratio for 2024 was 86% and that claim frequency continues to decline. "In fact, claim frequency declined at a faster pace in 2024 than the long-term average rate of d...