September 04, 2013
Liberty Mutual Insurance’s Northwest Business Insurance operation today announced an overall retrospective rating adjustment of more than $1.6 million for businesses participating in its Oregon Restaurant and Lodging Association (ORLA) group workers compensation insurance program.
The rating adjustment reflects the group’s strong collective safety performance for the policy year ending December 31, 2012, and accounts for premium adjustments, tax savings, and non-disabling medical reimbursements. The average member account savings was 22 percent, with some participants receiving more than 30 percent by recouping funds they paid under the Oregon Medical Service Cost Reimbursement Program.
“Through our partnership with Liberty Mutual, ORLA members are able to participate in a workers compensation group program that yields additional savings based on favorable safety performance,” said Steve McCoid, ORLA President and Chief Executive Officer. “As medical costs continue to climb, ORLA members are receiving premium returns of more than 20 percent.”
Liberty Mutual provides ORLA members access to its industry-specific risk control services, claims management experts and return-to-work specialists to help participants maintain a safe work environment and achieve successful workplace injury outcomes.
“As we approach our 30th year partnering with ORLA, member savings now exceed $99 million,” noted Denise Moore, Liberty Mutual Insurance Association Programs Director, Northwest region.
Businesses that wish to learn more about Liberty Mutual Insurance’s programs should contact a Liberty Mutual appointed independent agent or visit www.libertymutualgroup.com/business.
About Liberty Mutual Insurance
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2012 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 81st on the Fortune 100 list of largest corporations in the U.S. based on 2012 revenue. As of December 31, 2012, Liberty Mutual Insurance had $120.1 billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in approximately 900 offices throughout the world.
Contact:
Christopher Goetcheus
774-279-5923
christopher.goetcheus@libertymutual.com
