Starting Jan. 1, employers with workers’ compensation policies through Denver-based will see their rates fall an average of 10 percent, the company .
Pinnacol serves more than 57,000 policyholders in Colorado. Next year will be the fourth year in a row it has decreased rates, according to a news release.
It will also the fourth straight year Pinnacol will take surplus funds and pay dividends to customers. The $70 million 2019 dividend equates to an average 11-percent premium refund, the company says.
gave Pinnacol approval to cut 2019 premiums by an average of 16.7 percent, but the company went smaller to “minimize short-term volatility” in the insurance market.
“This approach helps to minimize rate swings for our policyholders,” chief customer officer Mark Isakson said in a statement. “In addition, Pinnacol is able to use a general dividend as another tool to return capital to policyholders when we have a strong year, as we have had in 2018.”
