Insurance Commissioner Approves 0.5% Reduction in Loss Costs

Nevada Insurance Commissioner Scott J. Kipper approved a filing from the National Council on Compensation Insurance recommending a 0.5% reduction in loss costs for the voluntary market effective March 1. Voluntary market loss costs have decreased 19.5% since 2008, with Kipper approving a 3.2% reduction for 2014 and a 2.6% reduction for 2013. The reduction in rates for 2015 is attributed to "projections that indicate workers' compensation claims will grow at a slower pace than previously expected," the department said in a statement. At the same time, the commissioner also redu...