That will save employers $36 million.
This will be the ninth consecutive year of reductions in premiums, said Gov. Earl Ray Tomblin, who headed the state Senate when it voted to privatize.
"With this reduction, West Virginia employers will have saved $250 million since workers' compensation privatization," Tomblin said.
"These savings demonstrate our willingness to address problems, within the workers' compensation market years ago, was the right decision for West Virginia employers and employees."
Businesses have begun noticing the progress nationally. The Small Business & Entrepreneurship Council ranked West Virginia No. 30 on its U.S. Business Policy Index in 2012.
"We are encouraged by the announcement that workers' compensation rates are going down," said Jan Vineyard, president of the state's Oil Marketers and Grocers Association, its Trucking Association, and the West Virginia Wholesalers Association.
State government can do many things right. Workers' comp is not on that list.