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NV Insurance Commissioner Announces Lower Work Comp Costs for Employers

23 May, 2011 WorkersCompensation.com

                               
Carson City, NV (CompNewsNetwork) – Insurance Commissioner Brett Barratt has approved a filing for an average decrease of 3.9 percent for Nevada workers' compensation voluntary insurance loss costs and an average decrease of 2.2 percent for workers' compensation insurance assigned risk rates.
 
Loss costs are the expected costs of medical and wage loss benefits including the costs to administer the benefits by employment classification. Insurers convert the loss costs to full rates by factoring in the insurer-specific loss cost multiplier which contemplates the insurers' administrative expenses and profit.
 
The proposed loss cost changes are expected help Nevada employers save money on workers' compensation
insurance, which will be a welcome relief to businesses during these economically challenging times and will
help to make Nevada an even more attractive place to do business.
 
Workers' comp claims costs have been decreasing over the past decade, which is largely the reason for the
proposed decreases. Fewer claims offset generally increasing average indemnity and medical costs per claim and cost-of-living adjustments. Both medical costs and indemnity costs per claim appear to be leveling off and are
projected with this filing to increase more slowly than wage growth.
 
Reasonable workers' compensation rates are among many reasons that Commissioner Barratt encourages
businesses to establish themselves in Nevada. Companies relocating to Nevada also will find it easy to do
business here with a favorable tax climate and affordable housing.
 
When comparing Nevada's costs and rates to those in other states, keep in mind that the Nevada exposure base,
payroll, is capped at $36,000 per employee per policy year. In other states, the full payroll is generally used to
compute the premium.

The changes vary by classification. Class changes are as much as 20 percent above or below the average for the
classification's industry group. For example, for classification 5645, “carpentry – detached one or two family
dwellings,” the proposed change in the loss cost is -6.4 percent.
 

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