Pinnacol Assurance in Colorado announced it will lower rates for the carrier’s 53,000-plus policyholders in Colorado by an average of 11% in 2022.
The decrease will become effective Jan. 1, 2022. Pinnacol has decreased rates for seven consecutive years for a cumulative decrease of 40%.
In addition to approving a rate decrease for 2022, Pinnacol’s board of directors announced its intent to issue a general dividend of roughly $40 million to customers in 2022. The final amount of the dividend, which is based on full-year 2021 financial results, will be set in February 2022 and issued no later than April.
Pinnacol has issued a reported $370 million in general dividends since 2016. Pinnacol’s rate decrease and dividend strategy reflect the company’s evaluation of marketplace conditions and external economic factors.
The exact percentage of the decrease (or increase, if applicable) for individual customers is based on their policy’s attributes, including classification code, payroll and safety experience.
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