Carson City, NV – Insurance Commissioner Scott J. Kipper has approved a filing from the National Council on Compensation Insurance (NCCI) for an average decrease of 0.5 percent for Nevada workers’ compensation voluntary insurance loss costs. Nevada employers who purchase their workers’ compensation insurance in the assigned-risk market will see an average rate decrease of 5 percent. Both changes will take effect on March 1, 2015.
While most employers traditionally purchase workers’ compensation insurance in the “voluntary market,” those who find their businesses uninsurable due to extraordinary losses in the past or unique and unusual risks can purchase insurance for their businesses in the “assigned-risk market.”
The 0.5 percent decrease in the voluntary market is largely a result of projections that indicate workers’ compensation claims will grow at a slower pace than previously expected.
The 5 percent decrease in assigned-risk rates is largely due to the significant expense reductions achieved as a result of Nevada’s recent servicing-carrier bid, effective January 1, 2015.
The approved loss costs and rates can be found on the Nevada Division of Insurance website.
Source: NV DOI