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Nevada workers comp rates to increase 3.2% in 2014

Nevada workers comp rates to increase 3.2% in 2014

Nevada employers will see an average 3.2% increase in workers compensation rates this year, the Nevada Division of Insurance said.

The Boca Raton, Fla.-based National Council on Compensation Insurance Inc. had requested a 3.2% increase in Nevada's voluntary market workers comp rates for 2014, and a 3.3% in residual market comp rates this year, the division said in a statement.

Both rates, which were recently approved by Nevada Insurance Commissioner Scott J. Kipper, will be effective March 1.

Most of the rate increase is related to NCCI's projections for rising workers comp medical costs in Nevada, as well as increases in the state's minimum and maximum weekly comp benefit amounts, the division said Monday in a statement.