November 24, 2014
Workers' compensation rates in Nevada might buck a national trend by decreasing next year, state Insurance Commissioner Alice Molasky-Arman said.
The National Council on Compensation Insurance has recommended an average 16.4 percent reduction in so-called workers' comp insurance "loss costs" for Nevada effective in January.
If the state insurance division adopts the recommendations, it will enable Nevada providers to lower rates next year, she said.
That's in sharp contrast with California, where cost increases have more than doubled the average rate for workers' comp insurance that most businesses are required to buy.
The national council calculates the loss costs of insurance companies providing workers comp policies in Nevada. Those numbers, after review by the insurance division, are used to determine premiums businesses must pay.