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Pinnacol Assurance will reduce workers compensation rates by an average of 6% in Colorado, the Denver-based insurer announced Tuesday.
Pinnacol’s board of directors approved a plan to lower the rates, which equates to a nearly $30 million reduction in premium costs for its policyholders.
The decrease will be the sixth consecutive rate cut in Colorado and will take effect Jan. 1, 2021.
Pinnacol said that although COVID-19 has created a challenging economic climate, it anticipates issuing a general dividend in 2021. The board is to make the final decision on the dividend in February.
More insurance and workers compensation news on the coronavirus crisis here.