Premiums for workers’ compensation insurance will be going up an average of more than 3% for many Nevada employers beginning March 1, 2014. The Nevada Division of Insurance issued a press release announcing the increase.

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.

 

Insurance Commissioner 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/.

The release added that loss costs in the voluntary market have decreased 19.2% and those in the assigned-risk market have fallen 20.1% in Nevada since 2008.