Supporting policyholders improves businesses, and the entire Louisiana economy.
At LWCC we are Louisiana Loyal, celebrating and elevating Louisiana in all that we do. Our purpose is to help Louisiana thrive through our promise of safety, security, stability, and stewardship. By providing best-in-class workers’ comp insurance coverage, which includes robust safety resources and compassionate care for injured workers, we are able to serve this purpose. But, we aren’t stopping there.
Following one of the most unprecedented years of modern times, the LWCC board of directors has announced the distribution of a $94 million dividend to approximately 20,000 Louisiana-owned businesses.
“2020 was a challenging year. The pandemic, combined with major hurricanes, caused much financial strain to businesses across the state. We believe the 2020 dividend could be our most impactful one yet as our policyholders work to recover and adapt to our current environment," said LWCC President and CEO, Kristin Wall.
Over the last 18 years, LWCC has declared $1.028 billion in dividends. Per a study completed by Dr. James A. Richardson, Alumni Professor of Economics and Public Administration at Louisiana State University, LWCC’s dividend program has supported an estimated 16,155 jobs across the state and generates an average of $47 million in personal earnings per year. The 2020 dividend alone is anticipated to support 1,543 jobs and generate over $6 million in local and state taxes.
As Louisiana battled COVID-19, the study also shows a decline in almost 270,000 jobs from December 2019 to May of 2020. By December of 2020, the state had gained back almost 158,000 of those jobs but a deficit remained.
“The LWCC dividend cannot offset the magnitude of the pandemic,” shares Dr. Richardson. “But every positive input to the state’s economy will assist with recovery. This is a distribution of dollars that would not have, otherwise, occurred.”
As a mutual insurer, LWCC is able to focus on the long-term financial strength and stability of the organization, which allows for a strategic risk and investment approach designed to maximize dividend returns. Strong financial results are created through safety initiatives and efforts by policyholders and agents, which led to a low incident rate, as well as continued excellence in execution by the company’s employees.
The distribution of the dividend provides cash to policyholders, who are able to use the funding for any purpose, no strings attached. But, as policyholders improve their businesses, they improve not just working environments, but the Louisiana economy as a whole.
Through the adversity of 2020 has come resiliency. LWCC will continue to work to elevate Louisiana one business and one worker at a time. Today, and every day, we are proud to be LWCC. Today, and every day, we are Louisiana Loyal. Always.
DIVIDEND PROGRAM HIGHLIGHTS
- 2003: First year of the dividend program
- $1.028 Billion: Total funds distributed through the dividend program
- 16,155: Total jobs supported since 2006
- 1,077: Average number of jobs support per year
- $47 Million: Average personal earnings supported per year
- $6.4 Million: Average state and local taxes generated per year
To learn more about the dividend and the economic impact, click here.
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