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Member, Beacon International Group, Ltd.
DENVER—Colorado, North Carolina and Maine have lowered their workers compensation rates for employers, starting next year.
Colorado’s Department of Regulatory Agencies said Monday that workers compensation rates for employers in the state will decrease 9.7% for 2010. The reduction in loss costs stems from workplace safety efforts and a decrease in claims filed during 2008, the Department of Regulatory Agencies said. Loss costs in Colorado have declined more than 50% since 2000.
Also Monday, North Carolina Insurance Commissioner Wayne Goodwin announced a workers comp rate reduction. Beginning April 1, 2010, voluntary market loss costs will decrease 9.6%. The adjustment could save employers $100 million annually, the commissioner said in a statement.
Meanwhile in Maine, Bureau of Insurance Superintendent Mila Kofman said Monday that a 7% average decrease for 2010 work comp policies had been approved. Claim frequency is falling faster than increases in medical and indemnity costs in Maine, the superintendent said in a statement.