SAIF’s Latest Dividend Injects $165 Million into Oregon Economy
More than 44,000 employers will receive the dividend, which brings the total amount SAIF has returned to Oregon businesses since 2010 to nearly $800 million.
When the SAIF Board of Directors declared a $165 million dividend on September 10, it boosted the amount that the Oregon workers’ comp company has returned to customers in the past five years to nearly $800 million.
More than 44,000 employers around Oregon will receive the dividend; the amount they receive depends on the premium they paid in 2013.
Examples of what the dividend means to SAIF customers and the Oregon economy:
- More than 700 of SAIF’s largest customers will receive an average of $98,645 each.
- The total amount of SAIF policyholder dividends since 2010 is $795 million.
- $795 million is enough to hire 17,663 workers (based on the 2013 average annual wage in Oregon).
As a not-for-profit public corporation, SAIF doesn’t have shareholders, and therefore can return more to its customers through dividends and incentives such as safety programs.
“This is the largest policyholder dividend in SAIF Corporation’s history,” said John Gilkey, SAIF’s Interim President and CEO, “and it will benefit thousands of Oregon businesses and the Oregon economy.
“For employers, the dividend is one of many advantages to making workplace safety and wellness a priority,” Gilkey said.
The dividend is possible because of lower-than-anticipated claims costs and strong returns on SAIF’s investments. Checks will be mailed to qualifying SAIF customers in October.
In July, SAIF returned another $8.5 million to Associated General Contractors members that participate in a workplace safety program.