Insurance Department Approves 16.7% Rate Cut

The Colorado Division of Insurance signed off on a National Council on Compensation Insurance recommendation to reduce the average loss cost component of workers’ compensation premiums by 16.7% for 2019. The decrease follows a 12.7% reduction for 2018 and a 2.4% cut that took effect at the start of 2017. NCCI said in a State Advisory Forum presentation in September that written premium volume in Colorado is stable, and the latest combined ratios show favorable results. According to NCCI, carriers wrote $1.077 billion in premium in 2017 and $1.065 billion in 2016. The combined ratio of...