Earlier this month, State Accident Insurance Fund (SAIF) announced two dividends for more than 48,500 employers: a $120 million primary dividend to be paid to SAIF’s policyholders, and a $40 million safety performance dividend to be paid based on each policyholder’s safety results.
Policyholders in Clatsop County will be receiving more than $2.1 million; Tillamook County policyholders will be receiving nearly $1.5 million. That does not include universities or state agencies. The checks will be mailed next month.
This is the tenth year in a row SAIF has been able to offer dividends, and the 22nd dividend in the past 30 years.
“As a not-for-profit with a public mission to make workers' comp available and affordable, paying dividends is an important part of the value we offer Oregon employers,” said Kerry Barnett, president and CEO of SAIF. “SAIF is the only insurance carrier in Oregon that regularly returns dividends to policyholders at this level.”
SAIF determines whether a policyholder dividend is appropriate based on capital levels, claim trends, and the overall economic environment. This year SAIF has seen strong investment returns and favorable trends in injury prevention and claim cost containment.
The safety performance dividend rewards policyholders for their claims experience for policies whose annual term ended in 2018, based on a scale ranging from zero to 10.6% of their standard premium.
“Our vision is to make Oregon the safest and healthiest place to work,” said Barnett. “We appreciate our policyholders' efforts to ensure their workers go home safely at the end of each day.”
48,508 policyholders are eligible for SAIF's primary dividend. Of those, about 93.9% are also eligible to receive all or a portion of the additional safety performance dividend.
“In addition to dividends, we are proud to offer our customers some of the lowest rates, best-in-class service, and the largest network of workplace safety professionals of any insurance carrier in Oregon,” said Barnett. “Our goal is to deliver workers' comp that really works.”
Checks will be mailed in October to eligible employers.