Since West Virginia opened its workers’ compensation insurance market on July 1, 105 insurance carriers entered the field and wrote policies, according to Insurance Commissioner Jane L. Cline.
When the workers’ compensation market opened, 176 companies filed with the West Virginia Offices of the Insurance Commissioner’s Rates and Forms Division, Cline said. Having that many companies eligible to provide workers’ compensation coverage to West Virginia employers is evidence that the changes made to our system were well received, she added.
Companies issuing workers’ compensation policies are required to report the policy information to the Offices of the Insurance Commissioner within 30 days. Those reports indicate that 2,041 employers changed workers’ compensation insurance carriers. Estimated annual premiums for those employers are over $72 million.
“The fact that 105 carriers have found our market inviting is very encouraging and indicates that the changes made to our system are successfully improving our business climate,” Cline said. “A successful workers’ compensation system must also be measured by the results obtained by the injured worker. Claims are now being reported quicker and proper treatment rendered sooner — both lead to better results for injured workers.”
Source: West Virginia Offices of the Insurance Commissioner
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