Colorado workers’ compensation loss costs have dropped for the second consecutive year, prompting the state’s Division of Insurance to suggest decreasing workers’ compensation premiums for some employers later this year.
The declining costs reflect the rise in the safety of Colorado workplaces, according to Deborah Collete, a spokeswoman for the DOI. "We are seeing fewer workplace injuries in Colorado, and the cost per workers’ compensation claim has been relatively steady," Collete said.
The National Council on Compen-sation Insurance, which reported that on Jan. 1, the loss costs decreased an average of 7.4 percent, has filed an average decrease of 10.2 percent in workers’ compensation insurance loss costs for Colorado, effective this Dec. 1. The DOI’s consulting actuary will now review the data and make a recommendation to approve or modify it. Approval would mean that some employers could see a decrease in their premiums.
