Carson City, NV – Commissioner Barbara D. Richardson recently approved a filing from the National Council on Compensation Insurance (“NCCI”) for an average decrease of 10.7 percent for Nevada workers’ compensation voluntary insurance loss costs. An average decrease of 10.5 percent for workers’ compensation insurance assigned-risk rates was also approved.
This is the largest decrease in loss costs since NCCI’s 2004 filing when loss costs decreased by an average of 12.3 percent. The decrease in assigned-risk rates is the largest in Nevada history since workers’ compensation insurance was privatized in 1999.
A primary contributory factor for this decrease is attributable to employers making work-place safety improvements, which helps reduce the number of injured workers, thereby leading to less workers’ compensation claims filed. The lower number of claims helps reduce the cost of workers’ compensation insurance in Nevada. In fact, frequency of workers’ compensation losses has continued a pattern of significant declines, which has been observed in much of the United States.
The Division encourages employers to comparison shop for the best rate, noting that Nevada’s market remains competitive, so it pays to review all options and that Nevada’s reasonable workers’ compensation rates are among many reasons why businesses should consider establishing themselves in Nevada.
The approved changes and other detailed information can be found on the Nevada Division of Insurance website.
Source: NV Commissioner