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Pinnacol Assurance Co., Colorado’s state-chartered workers compensation insurer, will decrease its rates by an average of 3.2% in 2017 for its policyholders in Colorado.
The decrease surpasses the Colorado Division of Insurance’s recommendation to reduce advisory workers comp rates by 2.4%, Denver-based Pinnacol announced on Nov. 10. The new rates will become effective Jan. 1.
Pinnacol’s board also announced that it will issue a general dividend of about $50 million to policyholders in 2017. This will mark the second consecutive year Pinnacol has issued a dividend, the company said.
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.