Carson City, NV March 01, 2019
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 going into effect today.
Commissioner Barbara D. Richardson approved a filing from
the National Council on Compensation Insurance (“NCCI”) for an average decrease
of 8.1 percent for Nevada workers’ compensation voluntary insurance loss costs.
An average decrease of 7.3 percent for workers’ compensation insurance
assigned-risk rates was also approved. Changes for individual employers may
vary from this combined impact depending on the NCCI Classification Code to
which an employer’s operations are assigned. The changes take effect on March
1, 2019.
Last year in March 2018, two filings took effect which
provided an overall average increase of 2.3 percent to the level of voluntary
loss costs and an overall average increase of 4.9 percent to the assigned-risk
rate level. However, the overall average impacts of recent years’ changes
to workers’ compensation insurance costs have been in the direction of
significant decreases.
The NCCI has indicated that the underlying phenomena driving
the decreases are being observed throughout the United States, not only in
Nevada. Workers’ compensation claim frequency continues to decline countrywide
due to improvements in automation and workplace safety.
As always, 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 2018, the Division
investigated more than 3,100 consumer complaints and recovered over $8.4
million on behalf of consumers. For more information about the Division of
Insurance, visit DOI.NV.GOV.
###