Highlights - Workers' compensation premiums in Oregon totaled $907.5 million for the 2005 calendar year, up 5.6 percent from 2004.
Liberty Northwest led all private insurers in 2005 with $122.0 million in direct premium written.
Private insurers' overall loss ratio improved in 2005, decreasing to 83.2. SAIF's ratio decreased to 65.8. The average loss ratio for privates
and SAIF decreased to 72.9.
SAIF, private, and self-insurers experienced premium increases in 2005. Private insurers' market share was 39.3 percent, SAIF's share was 46.1
percent, and self-insurers' share was 14.6 percent. In 2004, their shares were 41.4 percent, 44.3 percent, and 14.3 percent respectively. <more>
Appendix
AT1a - Summary of Workers' Compensation Insurance Business by Insurer Type for Calendar Year 2005
AT1b - Summary of Workers' Compensation Insurance Business by Insurer Type for Calendar Year 2004
Introduction - Under Oregon law, each employer within the state must select one of
three workers' compensation insurance options: self-insurance, insurance through a
private insurance company, or insurance through the state fund (now SAIF Corporation).
This report summarizes workers' compensation premiums and <more>
Figures in this report are based upon a concept of total-system written premium, which includes direct premium written from Annual Statements
filed by insurance companies, earned large deductible premium credits for private insurers, and self-insured employers. <more>
Figure 1 shows annual workers' compensation total-system premium volumes in Oregon from 1986-2005. Total-system market share information
(for SAIF, private insurers, and self insurers) is detailed in the table of data below Figure 1, <more>
Of the top twenty companies shown in Table 2, Zurich American Corporation showed the greatest absolute increase in premium of $15.0 million.
five firms from the top 20 in 2004 were <more text and figures>
Generally, loss ratios are calculated by dividing some measure of losses (or claims costs) by some measure of premium. Claims costs are
comprised of indemnity payments such as time loss, temporary and <more>
There are numerous methods to quantify the profitability of Oregon's workers' compensation market. One widely used measure is the combined
ratio. Although there are two different ways <more text and figures>
Dividends are largely a function of premiums and profitability from a year or more in the past. For that reason, the ratio of current year's
dividends to prior year's premium is worth noting when comparing year-to-year dividend <more text and figures>
The National Council on Compensation Insurance (NCCI) is the rating bureau for workers' compensation insurance in Oregon. They have established
over 500 rating classifications and are charged <more>
When Oregon's legislature created SAIF in 1965 they established a three-way workers' compensation system and provided that, if requested
by either SAIF or NCCI, the Insurance Commissioner <more text and figures>
Although self-insured employers do not pay premiums for workers' compensation insurance, the Workers' Compensation Division calculates a
simulated net premium for each self- insurer as the basis for the <more text and figures>
In 1996, Large Deductible Premium Credits (LDPCs) were added as an option to workers' compensation in Oregon. Under deductible policies,
the insurer continues to administer all workers' compensation <more>
Oregon has employed a competitive rate-making system for workers' compensation insurance since July 1, 1982. Under this system, the rate-making
authority (National Council on <more>
Premiums are not the only costs to employers (and employees) for workers' compensation coverage. Two other substantial costs are premium
assessments and the Workers' Benefit Fund assessment. <more text and figures>
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