Pennsylvania, Nevada see workers comp rate decreasesPosted On: Mar. 1, 2016 12:00 AM CST
Pennsylvania and Nevada are seeing a drop in advisory workers compensation rates.
Pennsylvania employers are set to see a 0.9% drop in advisory workers compensation rates next month, Pennsylvania Gov. Tom Wolf said Monday.
The rate cut, effective April 1, is based on a recommendation from the Pennsylvania Compensation Rating Bureau, the governor's office said in a statement. This is the fifth straight rate cut that has been approved for Pennsylvania workers comp rates.
“Maintaining fair benefits for workers injured on the job is vital for Pennsylvania families' financial well-being and peace of mind,” Gov. Wolf said in the statement. “Sticking to this responsibility, while still reducing rates on a key cost, helps business owners continue to create and support jobs that pay in Pennsylvania.”
Meanwhile, Nevada advisory workers comp rates fell 5.5% for the voluntary market and 4.2% for the assigned risk market as of Tuesday, according to postings on the Nevada Division of Insurance website.
The Nevada rate cut, based on a recommendation from the National Council on Compensation Insurance Inc., was approved in November.