SAIF, Oregon’s state chartered workers’ compensation insurer, has declared a $100 million dividend for policyholders.
Kerry Barnett, president and CEO of SAIF, remarked that the dividend comes at a difficult time for many Oregon businesses facing the challenges of the COVID-19 pandemic.
“Oregon’s employers and their employees make dividends possible by working together to prevent workplace injuries and illnesses,” Barnett said in a statement. “Every business is being impacted by the COVID-19 pandemic, and SAIF is no different. We are seeing declines in our premiums, investment returns, and overall capital. However, after careful consideration, we felt a dividend was the right thing to do to support our policyholders through this challenge.”
COVID-19 has challenged many Oregon businesses as in other states.
Oregon officials this week disclosed that a Hood River County pear-packing company was the site of the latest COVID-19 outbreak connected to the agriculture industry. Six employees of Duckwall Fruit have tested positive for coronavirus, the Oregon Health Authority said.
The SAIF dividend will be based on premium for policies whose annual term ended in 2019 and will be distributed in October. This is the 11th year in a row SAIF has offered a dividend.
SAIF also created the $25 million coronavirus worker safety fund, making more than 3,400 awards to businesses for expenses tied to making workplaces safer against the virus.
SAIF is Oregon’s not-for-profit workers’ comp insurance company.
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