Nevada Workers’ Compensation Loss Costs See Small Decrease in 2015

Many Nevada employers will see a small decrease in the premiums they pay for workers’ compensation insurance this year.

Insurance 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.

While 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.”

The 0.5 percent decrease in the voluntary market is largely a result of projections that indicate workers’ compensation claims will grow at a slower pace than previously expected.

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.

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 $11.5 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.

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