The Colorado Division of Insurance has approved a 16.7 percent reduction for the average “loss costs” component of workers’ compensation premiums for 2019, which will mark the fifth consecutive year without an increase for that portion of workers’ compensation premiums.
Interim Insurance Commissioner Michael Conway said in a news release that he hopes the loss cost will help the Colorado economy. But local insurance experts said this reduction should not lull employers into a false sense of safety when it comes to workers’ compensation premiums.
“They shouldn’t let their guard down,” CCIG President and COO T. Scott Kennedy said. “Now is not the time to get complacent.”