Contact: Jake Sunderland, Public Information Officer
Phone: (775) 687-0772
IMMEDIATE RELEASE – January 27, 2014
CARSON CITY – 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’ compensation insurance in the assigned-risk market
will see an average increase of 3.3 percent. Both increases will take effect on
March 1, 2014.
Scott J. Kipper has approved a filing from the National Council on Compensation
Insurance (NCCI) for an average increase of 3.2 percent for Nevada workers’
compensation voluntary insurance loss costs.
The majority of the increase
is due to a revision in NCCI’s trend assumption for the medical component for
workers’ compensation coverage from -2.0% to -1.0%. Another component of the
increase arises from changes
in the Medical Fee Schedule issued by the Division of Industrial Relations and
small increases in the minimum and maximum weekly benefit amounts.
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/.
Even though loss costs and
assigned-risk rates will increase on average in 2014, Nevada’s overall workers’
compensation market has been stable and competitive. 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.
A stable and competitive
workers’ compensation market is one of the many reasons that Nevada is a great
place to do business. Companies relocating to Nevada will also find a favorable
tax climate and business-friendly corporate laws. For more information on the
benefits of doing business in Nevada, visit the Nevada Governor’s Office of
Economic Development at diversifynevada.com.
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
$11.6 billion insurance industry. It has offices in Carson
City and Las Vegas. In 2012, the
Division investigated more than 1,900 consumer complaints and recovered $4
million on behalf of consumers. For more information about the Division of
Insurance, visit DOI.NV.GOV.