NCCI recommends 2.4% workers comp rate cut for Colorado
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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.
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Idaho comp rates set to fall 1.2% in 2017
The Idaho Department of Insurance says advisory workers compensation rates are set to decrease 1.2% next year for employers in the state.
The Boca Raton, Florida-based National Council on Compensation Insurance Inc. submitted a proposal that recommends the overall rate reduction, according to a recent statement from the Idaho insurance department. The rate cut is based on decreasing costs for lost-time workers comp claims in the state, the department said.
“The change in the 2017 workers compensation rates is a reflection of the stability of Idaho’s worker compensation system,” said Dean Cameron, director of the Idaho insurance department, in a statement. “Frequency of claims for lost work time claims has remained consistent, and the average costs of those claims have declined. Medical cost per case has leveled off.”
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