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 1.1 percent. Nevada employers
who purchase their workers’ compensation insurance in the assigned risk market
will see an average increase of 2.5 percent. Both increases will take effect on
March 1, 2013.
Scott J. Kipper has approved a filing from the National Council on Compensation
Insurance (NCCI) for an average increase of 2.6 percent for Nevada workers’
compensation voluntary insurance loss costs. The average premium impact of 1.1
percent is smaller than the loss-cost change because of other changes to NCCI
This is just the second time in five
years that there has been an overall increase in voluntary loss costs, and the
first time in as many years that there has been an overall increase in the
rates for the assigned risk market. Since 2008 there has been an approximate
21.7 percent decrease in voluntary-market loss costs, and a 22.6 percent
decrease in assigned-risk-market rates.
The majority of the premium increase
is due to changes in the Medical Fee Schedule issued by the Division of
The approved loss costs
and rates can be found on the Nevada Division of Insurance website at doi.nv.gov/spc/workerscomp.aspx.
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 at diversifynevada.com.
If you have questions
about workers’ compensation insurance, contact your insurance agent or the
Nevada Division of Insurance at doi.nv.gov.
About the 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 $11.2 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 DOI.NV.GOV.