Workers’ compensation insurance

SAIF

SAIF Corporation, the nonprofit state fund, is the state’s largest workers’ compensation insurer. The following table shows some of SAIF Corporation’s financial characteristics.

SAIF financial characteristics

Private insurers

More than 450 companies are authorized to sell workers’ compensation insurance in Oregon, although fewer than 200 have written premium in any year. While most employers buy regular policies, larger employers may be able to get large-deductible premium policies. These policies were added as an option in 1996. Under these policies, insurers administer workers’ compensation claims and pay the claims costs. Employers then reimburse insurers for claims costs up to the specified deductible amount. Employers pay lower premiums for these policies. Premium credits, the difference between the premiums before and after the deductions, are a measure of the market share of this arrangement.

The following table shows financial characteristics of the private insurers. Note that the loss ratios and loss-cost multipliers are the averages, weighted by premium.

Private insurers financial characteristics