Carson City, NV - February 12, 2015
Nevada employers will see a small decrease in the premiums they pay for
workers’ compensation insurance this year.
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.
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.”
percent decrease in the voluntary market is largely a result of projections
that indicate workers’ compensation claims will grow at a slower pace than
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 at http://doi.nv.gov/Insurers/Property-Casualty/Filing-Information/Workers-Compensation/.
If you have questions about
workers’ compensation insurance, contact your insurance agent or visit the
Nevada Division of Insurance web site at doi.nv.gov.
the Nevada Division of Insurance
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 $11.5 billion insurance industry. It
has offices in Carson City and Las Vegas. In 2013, the
Division investigated more than 2,300 consumer complaints and recovered nearly
$4.4 million on behalf of consumers. Download the Division’s smartphone app NDOI
Connect today in the Apple App Store and Google Play.