Pinnacol also anticipates issuing a general dividend in 2022 for the seventh consecutive year.
The Board of Directors of Pinnacol Assurance has approved a plan that will lower the rates by an average of 11% in 2022. We’ve decreased rates for seven years running for a cumulative decrease of 40%.
The decrease will take effect on Jan. 1, 2022, and will be the seventh consecutive year Pinnacol has decreased rates for its customers.
“Pinnacol is proud to be offering its largest rate decrease in more than a decade. We’re in a position to do this — and to have offered sizable general dividends to our customers for the past seven years — as a result of our financial strength,” said Phil Kalin, president and CEO of Pinnacol Assurance.
Kalin continued, “The adequacy of our rates is crucial to Pinnacol’s financial strength, our ability to compete, and the stability of Colorado’s workers’ compensation marketplace. We continue to be pleased to offer the lowest possible rates to our customers while maintaining our financial viability.”
Pinnacol anticipates issuing a general dividend to policyholders in 2022. The board will make a final decision about the general dividend in February.