The West Virginia NCCI Conference

I attended the November 12, 2008 NCCI Conference in Charleston, WV. One of the very interesting statistics is how many new Workers Comp carriers have filed to do business in the state due to the open market as of 7/1/08. The following statistics do not include Brickstreet, as they were the sole carrier of Workers Comp in West Virginia over the past few years.

According to NCCI:

• 190 Workers Comp insurers have filed to write polices in the state
• 124 have written policies
• 1500 policies have been written in the state since 7/1/08

The number of policies written should increase, as a large number of policies will renew 1/1/09. In response to the competition, Brickstreet had recently had to enter in a layoff period with a reduction of 50 in workforce. This is a small percentage, as Brickstreet had 500 employees before the layoffs.