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Insurance Division Approves 4.3% Loss Cost Cut

Thursday, October 31, 2024 | 0

The Colorado Division of Insurance announced a 4.3% average loss cost decrease for workers' compensation policies incepting in 2025. Loss costs are the average cost of lost wages and medical payments of workers injured during the course of their employment. Loss costs are affected by factors including frequency, claim duration and the severity of injuries. The National Council on Compensation Insurance said in its rate filing that the proposed change in average voluntary loss costs consists of a 3.9% decrease due to experience and development, a 1.9% decrease due to trends, a 0.2% decrea...

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