Carson City, NV - February 23, 2017
There is good news for Nevada employers as most of them may see lower premiums as a result of decreases in workers’ compensation voluntary insurance loss-costs and assigned-risk market rates.
Commissioner Barbara D. Richardson 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. Nevada’s market remains competitive, so it pays to review all options. 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 by visiting: http://doi.nv.gov/Insurers/Property-Casualty/Filing-Information/Workers-Compensation/. You may also visit OSHA’s website for further guidance on improving workplace safety at http://dir.nv.gov/OSHA/Home/.
About the Nevada Division of Insurance
The State of Nevada Division of Insurance, a Division of the Nevada Department of Business and Industry, protects the rights of Nevada consumers and regulates Nevada’s $14 billion insurance industry. The Division of Insurance has offices in Carson City and Las Vegas. In 2016, the Division investigated more than 3,900 consumer complaints and recovered nearly $5 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV or download the Division’s smartphone app NDOI Connect today in the Apple App Store and Google Play.