Small Increase in Nevada Workers’ Comp Loss Costs In 2014
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 3.2 percent. Nevada employers who purchase their workers’ comp insurance in the assigned-risk market will see an average increase of 3.3 percent. Both increases will take effect on March 1.
Insurance Commissioner Scott J. Kipper has approved a filing from the National Council on Compensation Insurance for an average increase of 3.2 percent for Nevada workers’ comp voluntary insurance loss costs.
Since 2008 there has been a 19.2 percent decrease in loss costs for the voluntary market, and a 20.1 percent decrease in rates for the assigned-risk market.
The State of Nevada Division of Insurance is a division of the Nevada Department of Business and Industry.