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Commissioner Approves Significant Workers’ Compensation Loss-Cost and Assigned-Risk Rate Decreases

Contact: Yeraldin Deavila, Public Information Officer
Phone: (775) 687-0772
E-mail: ydeavila@doi.nv.gov

FOR IMMEDIATE RELEASE – March 1, 2019

 

Nevada Insurance Commissioner Approves Significant Workers’ Compensation Loss-Cost and Assigned-Risk Rate Decreases

 

CARSON CITY – 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/.

 

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