CARSON CITY — Nevada state officials announced Monday that workers compensation insurance rates are heading lower, with the biggest decrease in loss cost rates since 2010. The lower rates are good for employers, said the announcement from the state Division of Insurance.
Acting Insurance Commissioner Amy Parks approved a filing from the National Council on Compensation Insurance for an average decrease of 5.5 percent for Nevada workers’ compensation voluntary insurance loss costs.
An average decrease of 4.2 percent for workers’ compensation insurance assigned-risk rates was also approved.
The filing will take effect Tuesday. This decrease in loss costs is the largest since a 2010 filing when loss costs decreased by an average of 7.6 percent.
The majority of the decrease in loss costs is due to combined favorable changes in loss experience and favorable changes in loss development. This suggests that the amount of reported workers’ compensation claims will not grow over time by as large a proportion as previously anticipated.
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