Many Nevada employers will see a small increase in the premiums they pay for workers’ compensation insurance in 2012.
Nevada Insurance Commissioner Scott J. Kipper has approved a filing from the National Council on Compensation Insurance (NCCI) for an average increase of 1 percent for Nevada workers’ compensation voluntary insurance loss costs.
The revisions took effect on Thursday.
The overall loss-cost increase for the voluntary market is driven by an increase of 1.6 percent in the medical fee schedule issued by the Division of Industrial Relations.
While premium may increase for some employers, the overall performance of the Nevada market has been stable and competitive, according to statement from Kipper.
Nevada’s assigned-risk workers’ compensation rates for 2012 have decreased an average of 5.2 percent from 2011. This change is effective March 1. The reduction is due to expense reductions in administering the assigned-risk program, according to Kipper’s office.