Nevada approves 10.7% workers comp rate decrease

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Nevada Insurance Commissioner Barbara D. Richardson has approved an average 10.7% decrease in voluntary workers compensation loss costs for the state, effective March 1.

The decrease is the result of lower workers comp indemnity and medical costs, including a "significant" decline in comp claim frequency that tracked a similar national trend, according to a statement from the Nevada Department of Insurance on Tuesday. The rate cut was recommended by the Boca Raton, Florida-based National Council on Compensation Insurance Inc.

Ms. Richardson also approved a 10.5% rate decrease for the Nevada assigned risk market, the statement said.