Carson City, NV - January 27, 2014
Many Nevada employers will see a small increase in the premiums
they pay for workers’ compensation insurance this year.
The average premium increase in the voluntary market will be about
3.2 percent. Nevada employers who purchase their workers’ compensation
insurance in the assigned-risk market will see an average increase of 3.3
percent. Both increases will take effect on March 1, 2014.
Insurance Commissioner Scott J. Kipper has approved a filing from
the National Council on Compensation Insurance (NCCI) for an average increase
of 3.2 percent for Nevada workers’ compensation voluntary insurance loss costs.
The majority of the increase is due to a revision in NCCI’s trend
assumption for the medical component for workers’ compensation coverage from
-2.0% to -1.0%. Another component of the increase arises from changes in the Medical Fee Schedule
issued by the Division of Industrial Relations and small increases in the
minimum and maximum weekly benefit amounts.
The approved loss costs and rates can be found on the Nevada
Division of Insurance website at http://doi.nv.gov/Insurers/Property-Casualty/Filing-Information/Workers-Compensation/.
Even though loss costs and assigned-risk rates will increase on
average in 2014, Nevada’s overall workers’ compensation market has been stable
and competitive. Since 2008 there has been a 19.2 percent decrease in loss costs for the voluntary
market, and a 20.1 percent decrease in rates for the assigned-risk market.
A stable and competitive workers’ compensation market is one of
the many reasons that Nevada is a great place to do business. Companies
relocating to Nevada will also find a favorable tax climate and
business-friendly corporate laws. For more information on the benefits of doing
business in Nevada, visit the Nevada Governor’s Office of Economic Development
If you have questions about workers’ compensation insurance,
contact your insurance agent or visit the Nevada Division of Insurance web site
Nevada Division of Insurance
The State of
Nevada Division of Insurance is a division of the Nevada Department of Business
and Industry. It is the state agency that protects the rights of Nevada consumers and regulates
Nevada’s $11.6 billion insurance industry. It has offices in Carson City and
Las Vegas. In 2012, the Division investigated
more than 1,900 consumer complaints and recovered $4 million on behalf of
consumers. For more information about the Division of Insurance, visit