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Colorado Workers' Compensation Premiums To Rise In 2013 By 5.2 Percent
By Lonce LaMon - November 13, 2012

Workers’ Compensation premiums will rise in the state of Colorado next year, 2013.
 
According to the state Division of Insurance, the number of claims filed in Colorado grew in 2012.  Now, the loss-costs component for the third straight year is predicted to rise.  The prediction for 2013 for Colorado is 5.2 percent.

The trends of the past few years have continued to be increasing claim costs and frequency of claims, according to Pat Knepler, a staff member of the Division of Insurance.  However, Knepler cited improved safety which continues to improve, without which the costs would likely increase even higher.
 
The average cost of lost wages plus medical payments of injured workers are called the loss-costs.  Frequency of claims, the length of claims, the number of treatments for each claim, the severity of the injuries, plus the overall inflation of medical procedures, treatments, and services are factors which increase workers’ compensation expense.
 
A rating and advisory organization, the National Council on Compensation Insurance (NCCI), collects annual data on workers’ compensation claims for the insurance industry and publishes loss costs, forming the base for premium determinations.   All insurers in Colorado use the NCCI loss costs as a base, and then insurers’ expenses are added to the loss costs to calculate the actual rates charged to employers. 
 

 
 
 

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