Nevada Workers’ Compensation Loss Costs See Slight Decrease in 2015

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

Insurance Commissioner Scott J. Kipper approved a filing from the National Council on Compensation Insurance for an average decrease of 0.5 percent for Nevada workers’ comp voluntary insurance loss costs. Nevada employers who purchase their workers’ comp insurance in the assigned-risk market will see an average rate decrease of 5 percent. Both changes will take effect on March 1.

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.