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Workers comp rates inch up

NNBW staff

Many Nevada employers will begin to see a small increase in their workers compensation premiums this year.

Insurance Commissioner Scott J. Kipper last week approved a filing from the National Council on Compensation Insurance for an average increase of 1 percent for Nevada workers’ compensation voluntary insurance loss costs.

Rising medical costs accounted for much of the increase.

The rates established by the National Council on Compensation Insurance, which are based on loss experience, provide the basis for workers compensation rates in Nevada.

Individual insurance companies then add their operating costs and profits to create the rates they offer to employers.

The revised rates took effective March. (For details on the loss costs and rates , go to doi.nv.gov/spc/workerscomp.aspx <http://doi.nv.gov/spc/workerscomp.aspx.)

Nevada’s assigned-risk workers’ compensation rates for 2012 have decreased an average of 5.2 percent from 2011, Kipper said. He said the reduction is due to the significant expense reductions in administering the assigned-risk program.