Insurance Division Approves 3.4% Loss Cost Reduction

The Colorado Division of Insurance approved a 3.4% loss cost reduction for policies incepting in 2024. 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. In recommending the reduction, the National Council on Compensation Insurance said most of the change is attributable to improved claims experience, which was partially offset by benefit increases and recent updates to the state’s medical fee schedule. The ...