December 2005
Workers’ Compensation Reform, Insurer Competition Boost Nevada Business Environment, New Pinnacle Report Says
Legislative reform and a new private competitive state fund rescued Nevada’s once troubled workers’ compensation system, according to an analysis conducted by Pinnacle Actuarial Resources, Inc. and commissioned by the National Foundation for Unemployment Compensation & Workers' Compensation.
Insurance rates in 2005 were 23 percent lower than previously, when the state operated a monopolistic fund, the report says. Nevada workers’ compensation costs per employee dropped by almost 2% annually during the period of privatization (1997 to 2001), while costs climbed nearly 7% per year nationally. Further, improving the state’s workers’ compensation system has also made a significant contribution to the state’s now healthy business climate. Read "An Analysis of the Impact of Workers’ Compensation Reform in Nevada: A Report to The Republican Governors Association."
For more information, contact Rob Walling at (309) 665-5010 or write rwalling@pinnacleactuaries.com.
