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The Colorado Division of Insurance said Monday that it has approved a reduction of 12.7% for the average loss costs component of workers compensation premiums for 2018.
The reduction in the number of claims being filed, going from 25 claims per million in 2001 to 17.8 claims per million in 2015 drove down claims, the Colorado Division of Insurance said in a statement. The amount paid out in claims are the biggest driver in bringing down loss costs.
“This is good news for employers in Colorado,” Colorado Insurance Commissioner Marguerite Salazar said in a statement. “But this is also good news for employees too. It means that workplace accidents are going down, and when they occur, they are less serious and mean less time off work.”
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.