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Workers compensation premiums will drop for most employers in Nevada since the state’s insurance commissioner approved a significant workers comp loss-cost on Friday.
The Nevada Insurance Commission approved a filing from the National Council on Compensation Insurance for an average decrease of 8.1% for Nevada workers comp voluntary insurance loss costs, as well as an average decrease of 7.3% for workers comp insurance assigned-risk rates.
Last year, the state had an overall average increase of 2.3% to the voluntary loss costs level and an overall average increase of 4.9% to the assigned-risk rate level. Aside from 2018, however, workers comp insurance costs in the state have been trending downward.
The commissioner noted that changes in workers comp premiums for individual employers may vary depending on each employer’s NCCI classification code. The changes took effect on March 1.
Pennsylvania and Nevada are seeing a drop in advisory workers compensation rates.