Colorado Cuts Loss Cost Component by 2.4% for 2017

The Colorado Division of Insurance has approved a 2.4% decrease in the average loss cost component of workers’ compensation premiums for next year. The decrease is due to an overall reduction in the number of workplace accidents, the division said in announcing the decrease on Thursday. It’s the second year in a row of loss cost decreases, and the third consecutive year without an increase to the component. The loss cost component went up 3% in 2014, following a 5.2% increase the previous year. Loss costs are the average cost of lost wages and medical payments of workers in...