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The California State Compensation Insurance Fund on Thursday announced plans to distribute an approximate $105 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Aug. 19.
This dividend equals approximately 15% of the estimated annual premium reported in State Fund’s midyear 2019 financial statement and averages out to approximately $1,400 per employer, the state’s largest workers compensation insurer announced.
State Fund’s Board will consider dividends again for the remainder of the 2019 policy year at its February meeting in 2020, according to a statement.
Through July of this year, State Fund reported over $662.5 million in premium and over $78.6 million in realized capital gains, according to the statement.
Additionally, State Fund reports that it has implemented several initiatives over the past few years that have led to improved claims outcomes for injured workers and employers. These efforts, combined with the general improvement in the California workers compensation insurance environment, have led to a significant decrease in the cost of its claims, according to the statement.
Total insurer combined losses and expenses incurred by workers compensation payers in California in 2018 were $14.3 billion, or 82% of calendar year premium, compared with $16.2 billion, or 92% of calendar year premium, in 2017, according to a report released Monday by the Oakland, California-based Workers' Compensation Insurance Rating Bureau of California.