The state has approved Boca Raton, Florida-based National Council on Compensation Insurance’s recommendation to keep rates the same in 2015, according to a statement by the Colorado regulatory department. This is the first time since 2010 that rates will not increase.
However, despite no change to loss cost rates, some employers may see increases or decreases to their workers comp premiums depending on their classification code or industry group, according to the statement.
“These results come down to the efforts made by employers and employees to control workers compensation costs,” Colorado Insurance Commissioner Marguerite Salazar said in the statement. “Getting injured workers back to work sooner, meaning that claims are closed faster, helped offset a small increase in claim costs, resulting in no change to loss costs.”