Nevada OKs Workers’ Comp Loss-Cost and Assigned-Risk Rate Decreases

Nevada Insurance Commissioner Barbara D. Richardson approved a filing from the National Council on Compensation Insurance 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’ comp insurance assigned-risk rates was also approved. Changes for individual employers may. The changes took effect on March 1.

In March 2018, two filings took effect, providing 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’ comp insurance costs have been in the direction of significant decreases, according to Richardson’s office.

According to NCCI, the underlying phenomena driving the decreases are being observed throughout the U.S. Workers’ comp claim frequency continues to decline countrywide due to improvements in automation and workplace safety, according to NCCI.