NCCI recommends 2.4% workers comp rate cut for ColoradoReprints
The National Council on Compensation Insurance Inc. has recommended a 2.4% workers compensation loss cost cut in Colorado based partly on declining claim frequency in the state.
Indemnity claim frequency decreased 3% in Colorado between 2013 and 2014, Boca Raton, Florida-based NCCI said in a state advisory forum presentation posted online on Thursday.
The drop in claim frequency helped offset increases in workers comp claim severity in Colorado, NCCI said. In 2014, average indemnity payments in the state reached $23,400, up 6.7% from 2013. The average medical claim severity for Colorado comp claims was $31,100 in 2014, up 1.7% from 2013.