DID YOU KNOW? On May 20, 2019, Ohio Governor Mike DeWine and Ohio Bureau of Workers Compensation Administrator/CEO Stephanie McCloud announced their proposal to the BWC Board of Directors to refund $1.5 billion in premiums paid by Ohio private and public employers. This sum represents 88% of the premiums paid by Ohio employers during the last policy year. This refund would be the BWCs’ fifth refund to OH employers of at least $1 billion since 2013.
According to BWC Administrator/CEO Stephanie McCloud, the reasons for these substantial refunds are that the BWC has experienced strong returns on its investments, worker injury claims are falling, and their safety and wellness programs are making a difference.
So, if the Ohio BWC can refund premiums to Ohio employers due to strong investment returns, fewer claims, and strong safety programs, then why can’t Allstate, State Farm, and GEICO, and other casualty insurance companies do the same? They can and they should. But, will it ever happen? Very doubtful.