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Increasing workers compensation claim frequency and rising comp costs have led to a 5.2% increase in Colorado workers comp rates for 2013, according to the Colorado Division of Insurance.
The rate hike was announced by the agency Thursday. This will be the third consecutive year that Colorado has seen a comp rate increase, the department said in a statement.
Colorado “employers and employees continue to improve safety and reduce losses,” the department said in a statement. “Without these efforts, it is likely the increase would be higher.”
Boca Raton, Fla.-based NCCI Holdings Inc. had recommended a 6.1% rate increase for Colorado, according to a presentation posted on the ratings and research organization's website. That rate filing was based partly on a 2.8% increase in workers comp lost-time claim frequency for 2010.