Oregon Employers to Receive Money Back Due to Decrease in Workers’ Comp Costs
In addition to the money back, Oregon employers are experiencing a decrease in average workers’ compensation costs. The workers’ compensation system in Oregon has improved since 1990, with a decrease of 70 percent in claims incidence and a similar percentage decrease in average pure premium rates.
The board of directors for SAIF, Oregon’s not-for-profit workers’ compensation insurance company, declared Wednesday two dividends for customers: a $120 million primary divided to be paid to SAIF policyholders and a $40 million safety performance dividend to be paid based on the safety results of each policyholder.
This marks the ninth year in a row SAIF has returned dividends to its customers. The dividends are due to SAIF’s overall financial results, and on average, eligible customers can expect to receive 28.6 percent of the 2017 premium paid.
“We're a not-for-profit insurance company. That means when we have a good year, we're able to return premium directly to our customers in the form of a dividend,” said President and CEO Kerry Barnett. “We also want to give special recognition to customers with strong safety records. Preventing injuries through effective safety programs is the best way to keep rates low for everyone.”
In addition to the money back, Oregon employers are experiencing a decrease in average workers’ compensation costs. The workers’ compensation system in Oregon has improved since 1990, with a decrease of 70 percent in claims incidence and a similar percentage decrease in average pure premium rates.
“Think about your home, car, or life insurance-are any of those actually costing you 70 percent less than they did 30 years ago?” Barnett said. “Oregon has a real success story to tell, and we're proud to be such a big part of it.”
Of the 47,488 policyholders eligible for SAIF’s primary dividend, about 94 percent are also eligible for all or part of the additional dividend for safety performance. Checks will be mailed to eligible employers in October.