The Colorado Insurance Commission has revised loss costs for workers' compensation insurance providers -- a move that could reduce as much as $84 million worth of state-based workers' compensation premiums for Colorado employers, the Insurance Journal reported today.
The move is expected to bring significant savings to individual insurers, but will likely take at least a year for its impact to be felt. The loss cost reduction triggers on January 1, meaning that many providers will see no significant impact for WC filings until after that time.
According to the Insurance Journal, the loss cost reduction is based on a steady decrease in filed claims in 2008, a continuing trend that has been marked by an overall 50 percent reduction since 2000.
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