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.
posted September 13, 2017
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.
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.