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DENVER—Colorado employers will see a 3.7% workers compensation loss cost rate increase in 2012, the Colorado Division of Insurance announced Thursday.
The 2012 increase comes after a 3.4% increase in 2011 after nearly a decade of decreases, the insurance division said.
“While the number of claims has remained relatively flat over the last year, medical costs continue to increase, and this has led to the need for an increase,” Commissioner of Insurance Jim Riesberg said in a statement. “Part of the responsibilities of the Division of Insurance include ensuring rates are adequate to pay for future losses. Our analysis indicates a slight increase is required to ensure workers compensation premiums remain adequate.”