Virginia WC Costs to Fall 12% Next Year

Virginia’s State Corporation Commission has cut employers’ costs for base case workers’ compensation insurance by 12%.
Those covered by the assigned risk pool, that is, those firms that can’t get an insurance company to cover them, will be 16.8% lower, effective April 1, 2025.
The most important were the continuing impact of a 2018 reform establishing a medical fee schedule and a decline in the cost of claims for lost wages while recovering from a workplace accident, NCCI said in a 122-page filing with the commission.
Virginia’s average cost of workers’ compensation insurance was the country’s third-lowest at 61 cents per $100 of payroll in 2021, the latest year for which data is available, according to the National Academy of Social Insurance.
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The Tennessee Department of Commerce and Insurance said the state is now home to 176 captives and 591 cells, including 52 captives licensed in 2024.
The growth places the Volunteer state as the eighth-largest captive insurance domicile in the US and 13th globally, with the agency attributes to favorable legislation and targeted efforts to support captive insurance managers, in its Q4 newsletter this week.
The number of risk-bearing entities has increased by 14% in the year-to-date, to a total of 767.
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