The National Council on Compensation Insurance is recommending a 7.6 percent decrease in rates for workers’ compensation insurance, the Nevada Division of Insurance announced today.
The rate decrease is being recommended because of reduced claims for workers’ compensation, which may be partly attributable to increased workplace safety, the council said. The proposed change would take effect March 1, 2010.
Nevada Insurance Commissioner Scott Kipper said he would make a decision on the rates within three weeks. The reduction, specifically a reduction in loss costs, is based on Nevada employers’ experience and projections. Loss costs are expected costs of medical and wage loss benefits.
The 7.6 percent decrease is an average for the workers’ compensation voluntary market. NCCI also recommended a 3.7 percent decrease for workers’ compensation insurance in the assigned risk program.
Kipper said that NCCI loss cost is only one component of rates charged by insurers. Each insurer must file a loss cost multiplier that is used to determine workers’ compensation rates.
The proposed changes have been posted on the division’s web site, doi.state.nv.us, under property and casualty workers’ compensation.
Contact reporter Hubble Smith at email@example.com or 702-383-0491.