Oregon employers to receive $160 million from SAIF

SAIF declares two dividends, one based on premium and one tied to safety performance.

SAIF customers will receive $160 million in dividends this year.

Today the board of directors declared a $120 million primary dividend to be paid to policyholders based on their premium, and a $40 million safety performance dividend to be paid based on each policyholder’s safety results. 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.

Oregon employers to receive money back as workers’ comp costs continue to decrease

For the ninth year in a row, SAIF declares a substantial dividend for policyholders.

posted September 12, 2018

Today the SAIF board of directors declared two dividends for customers: 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.

“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.”

This is the ninth year in a row SAIF has returned a substantial dividend to its customers. On average, eligible customers can expect to receive 28.6 percent of the premium paid in 2017. The dividends are possible because of SAIF’s overall financial results, including investment returns and favorable trends in claim costs.

In addition to dividends for SAIF’s policyholders, average workers’ compensation costs continue to fall for Oregon employers. Since 1990, Oregon has gone from having one of the worst workers’ compensation systems to one of the best. During that time, workplace safety has improved, and claims incidence have gone down 70 percent, with 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?” said Barnett. “Oregon has a real success story to tell, and we’re proud to be such a big part of it.”

47,488 policyholders are eligible for SAIF’s primary dividend. Of those, about 94 percent are also eligible to receive all or part of the additional safety performance dividend.

Checks will be mailed in October to eligible employers.

About SAIF

SAIF is Oregon’s not-for-profit workers’ compensation insurance company. Since 1914, we’ve been taking care of injured workers, helping people get back to work, and striving to make Oregon the safest and healthiest place to work. For more information, visit the About SAIF page on saif.com.

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AGC/SAIF Members Rewarded for Safety Efforts

AGC/SAIF workers’ comp participants to receive $7.9M retro return

The Associated General Contractors Oregon-Columbia Chapter (AGC) and SAIF announced today a $7,876,242 retrospective return for the 638 companies who participated in the AGC/SAIF group workers’ compensation program during 2016-2017. This represents a 22.2 percent return of paid premiums during the policy year.

Increased construction activity and a continued shortage of qualified workers have presented unique challenges this year, making these results more significant. The actual total payout to participants will surpass $9.3 million after the Department of Consumer and Business Services (DCBS) and non-disabling claim reimbursement adjustments are made. Individual results and retro checks will be mailed directly from SAIF to policyholders in mid-August 2018.

“For 26 years, this plan has had consistently strong results-due to the partnership between workers, employers, agents, AGC, and SAIF,” said Christy Witzke, VP of marketing, sales, and communication at SAIF. “The true success is that thousands of Oregon construction workers go home safe and healthy day after day because of the hard work of all those involved.”

The retro return combined with the 10 percent upfront premium discount savings creates a total combined savings this year of 32.2 percent. A retro return has been paid out to AGC members 25 of the past 26 years. Total retro returns spanning the 26-year history for the AGC/SAIF program now surpass $188 million.

Employers will see additional savings this year due to a significant reduction in Oregon pure premium rates for 2018. The contracting industry decreased 12.6 percent overall, and the AGC group weighted average rate decrease is 15.2 percent.

The retro return is based on the safety performance of all group members. Employers in the program make investments and commitments to safety and training. Employees carry out the work. And industry professionals from SAIF, AGC, and agent brokers train and educate, manage claims costs, and help injured workers get back to work.

“This partnership has been in place for 26 years, and our members continue to produce tremendous results,” said Mike Salsgiver, Oregon-Columbia Chapter executive director. “Our goal is to create safer workplaces, reduce workplace injuries and illnesses, save lives, and save money.”

Dennis Barlow, AGC director of Safety Services, added, “Each year we improve this program to provide optimum results. Year after year, we see improvements in our members’ safety leadership, culture, and commitment. The premise that ‘safety pays’ is clearly understood.”

About SAIF

SAIF is Oregon’s not-for-profit workers’ compensation insurance company. Since 1914, we’ve been taking care of injured workers, helping people get back to work, and striving to make Oregon the safest and healthiest place to work. For more information, visit the About SAIF page on saif.com.

About AGC

Since 1922 the AGC Oregon-Columbia Chapter has served as the voice of the commercial construction industry. The association provides its members with a forum for the exchange of ideas and services designed to enhance the professionalism of the construction industry, including workers’ compensation and health insurance, legislative and governmental representation, safety management consulting, professional education, and training and workforce development programs.

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Safety pays – again and again

SAIF will return two dividends to its customers this year: one based on premium alone, and another based on safety performance.

Over the past 27 years, Oregon workplaces have driven down workers’ compensation claims frequency by more than 70 percent through their powerful focus on workplace safety-which, in turn, has reduced workers’ compensation rates by 71 percent.

After all, the least expensive injury is the one that never happens.

To recognize how Oregon workplaces are leading the way on safety, today the SAIF board of directors declared two dividends for customers: a $120 million primary dividend to be paid to all eligible policyholders based on their premium, and a $40 million safety performance dividend to be paid based on each policyholder’s safety results.

“Oregon employers and workers are the drivers behind one of the most successful workers’ compensation systems in the nation,” said President and CEO Kerry Barnett. “It’s only right that we recognize their efforts to develop strong safety cultures that reduce workplace injuries, which reduces costs.”

This is the eighth year in a row SAIF has returned a substantial dividend to its customers, and the second year for the safety performance dividend.

On average, eligible customers can expect to receive from 21 to 37 percent of the premium paid in 2016. The dividends are possible because of SAIF’s overall financial results, including investment returns and favorable trends in claim costs.

“Nothing is more important to Oregon’s economy than our workforce,” Barnett said. “Our customers have demonstrated a commitment to keeping workers safe and allowing them to avoid the pain and anguish of a workplace injury.”

More than 47,000 customers are eligible for SAIF’s primary dividend. Of those, about 94 percent are also eligible to receive all or part of the additional safety performance dividend.

Checks will be mailed in October to eligible employers.

About SAIF
SAIF is Oregon’s not-for-profit, state-chartered workers’ compensation insurance company. Since 1914 it has been caring for injured workers and helping to make workplaces safer. For more, visit the About SAIF page on saif.com.

Safety pays dividends

Employers who insure with SAIF may be eligible for two dividends this year: one based on premium, and another tied to safety performance.

September 14, 2016
Contact: Lauren Casler | laucas@saif.com | 503.373.8615

When it comes to workers’ compensation, safety pays the best dividends. The reason is simple—costs remain low because accidents and injuries are avoided in the first place.

To underscore this point, the SAIF Board of Directors today declared two dividends for customers: a $120 million primary dividend to be paid to all eligible policyholders based on their premium, and a new, $20 million safety performance dividend to be paid based on each policyholder’s safety results.

“The safety performance dividend creates an important incentive for policyholders to maintain and improve safety,” said President and CEO Kerry Barnett. “It advances our mission to make Oregon the safest and healthiest place to work.”

This is the seventh year in a row SAIF has returned a substantial dividend to its customers, but it’s the first time since 2000 SAIF has rewarded safety performance through a dividend. The safety component will be distributed on a graduated scale based on the policyholder’s losses and premiums, with the greatest amount paid to those with the best safety results as measured by paid losses to standard premium.

Together, the dividends represent a return of approximately 22 to 26 percent of premium that eligible customers paid in 2015. They are possible because of SAIF’s overall financial results, including investment returns and favorable trends in claim costs.

“We’re able to pay dividends because of strong financial results, and the best driver of those results are the injuries that don’t happen as Oregon workplaces become safer and healthier,” Barnett said. “More importantly, safety and health programs have helped thousands of workers avoid the pain and anguish of a workplace injury. That’s the best dividend of all.”

More than 46,000 customers are eligible for SAIF’s primary dividend. Of those, about 95 percent are also eligible to receive all or part of the additional safety performance dividend.

Checks will be mailed in October to those who are eligible for the dividends.

About SAIF
SAIF is Oregon’s not-for-profit, state-chartered workers’ compensation insurance company. Since 1914 it has been caring for injured workers and helping to make workplaces safer. For more, visit the About SAIF page on saif.com.

 

http://www.saif.com/news/safety-pays-dividends.html

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Safety and health efforts result in $120 million dividend from SAIF for Oregon employers

Approximately 23 to 27 percent of the premium employers paid in 2014 will come back to them when checks are distributed in October.

When thousands of companies all focus on health and safety, good things happen.

Due to a joint effort between SAIF and its policyholders to make workplaces healthier and reduce on-the-job injuries, more than 47,000 Oregon employers will receive a dividend in October.

SAIF’s Board of Directors announced the $120 million dividend today. It amounts to a return of approximately 23 to 27 percent of premium that eligible customers paid in 2014.

“The most important dividend is the one received by workers who aren’t suffering the pain and anguish of a workplace injury,” said President and CEO Kerry Barnett. “Our employers have earned this by making their workplaces safer and reducing the costs of on-the-job injuries.”

“Our goal is to make Oregon the safest and healthiest place to work, and this is another sign that we’re headed in the right direction,” he said.

The dividend is possible because of SAIF’s overall financial results, including investment returns and favorable trends in claim costs. In recent years, there has been a particular emphasis on overall worker health and wellness, which is closely connected to prevention of workplace injuries.

Approximately 85 percent of the 47,000 employers who will receive dividends are small businesses. SAIF board chair Jenny Ulum said small businesses and their workers will especially appreciate the dividend because they often have less ready access to capital to seed growth or invest in additional safety measures.

This is the sixth year in a row in which SAIF has returned a substantial dividend to its customers.

About SAIF

SAIF Corporation is Oregon’s not-for-profit, state-chartered workers’ compensation insurance company. Since 1914 it has been caring for injured workers and helping to make workplaces safer.

For more information about SAIF, go to the About SAIF page on saif.com.

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SAIF Corporation declares dividend for policyholders

Board of Directors approves a $130 million total dividend; checks to be mailed to approximately 43,000 employers in October.

September 18, 2013

Salem, OR – SAIF Corporation’s Board of Directors today declared a $130 million dividend for approximately 43,000 current and former customers.

Customers with policies that ended in 2012 are eligible for the dividend. Individual dividend information will be available to employers through SAIF’s website, saif.com, beginning October 11. Checks will be mailed to eligible SAIF policyholders during October.

“SAIF is able to pay this dividend because of solid investment returns and continued success in managing workplace safety and controlling losses,” said President and Chief Executive Officer Brenda Rocklin.

“The first priority of SAIF Corporation’s Board of Directors is to ensure that SAIF can meet its financial obligations to injured workers and their dependents,” said Cathy Travis, chair of SAIF’s board. “We reviewed current audit reports, which confirm that we can declare this $130 million policyholder dividend and safeguard the funds we need to pay injured worker benefits.”

SAIF Corporation is Oregon’s not-for-profit, state-chartered workers’ compensation insurance company. SAIF has been doing business for 99 years and is the leading workers’ compensation insurance provider in Oregon.