It’s natural to see the glass as half empty these days. The economic uncertainty resulting from the COVID pandemic is affecting individuals and businesses all over Colorado. So, we’re taking action to make life a little easier for our 53,000 policyholders.
Our evaluation of market conditions, external economic factors and our own financial strength have combined to make a rate decrease and general dividend possible for most of our customers next year.
2020 and 2021 were a crushing years for many of us, which makes it even more rewarding to give back with a rate decrease and dividend for the seventh year in the row. Here's what you need to know:
We're decreasing rates again for 2022, which will go into effect on January 1, 2022. While your rates may vary, our rate decrease for workers’ comp will average 11 percent - and a cumulative decrease of 40 percent over the last seven years. The decrease is designed not only to keep more cash in your pocket, but to do so without setting up dramatic rate swings in the future.
In March 2022, we plan to mail $40 million in general dividend checks to employers with a Pinnacol policy in every Colorado county.* Unlike rates, which are based on future trends, the dividend is calculated using past performance. Find out who qualifies and more on our General Dividend information page.
What you spend the extra cash on is up to you. Whether upgrading old equipment, rewarding your employees or keeping you afloat until the pandemic subsides, we’re just happy to help.
*The general dividend amount is subject to adjustment based on financial performance through the end of 2021.