Workers’ Comp Loss Costs Expected to Decrease for Some Colo. Employers

Workers’ compensation costs for some Colorado employers may decrease on average about 10.2 percent later this year.

Insurance Commissioner William J. Kirven III announced that the National Council on Compensation Insurance (NCCI) has filed an average decrease of 10.2 percent in workers’ comp insurance loss costs for Colorado effective Dec. 1, 2002.

“The Division’s consulting actuary will now review this data and make a recommendation to us to either approve it or modify it,” Kirven commented. “Once this filing is approved, the good news is that some employers should see a decrease in their workers’ comp premiums.”

A public hearing to discuss this proposal will be held on Sept. 3, beginning at 1 p.m. at the Colorado Division of Insurance.

The Colorado NCCI loss cost filing includes data from 150 insurance companies that write workers’ comp insurance in Colorado and includes loss experience from the companies for a five-year period.

This is the second year in a row that Colorado workers’ comp loss costs have declined. On Jan. 1, 2002, the loss costs decreased an average of 7.4 percent.