NCCI Proposes 3.4% Loss Cost Reduction

The National Council on Compensation Insurance is recommending that Colorado regulators reduce advisory loss costs for the voluntary market by 3.4%, effective Jan. 1. “The proposed change in average voluntary loss costs consists of a 4.3% decrease due to experience and development, no change due to trend, a 0.4% increase due to benefits and a 0.5% increase due to change in loss-based expenses,” according to an actuarial analysis of the NCCI rate filing. The recommendation is based on premium and loss experience for policy years 2019-2021 and excludes claims resulting from COVID-1...