A look at claims costs

Each year, we examine our claims data closely to better understand trends and long-term impacts. Here’s a snapshot of what we saw last year.

2024 by the numbers 

In 2024, SAIF:

• Earned $517.1 million in premium
• Paid $141.4 million in claim costs for injuries that occurred in 2024 

This represents a 0.8% increase in earned premium and an 8.0% increase in paid losses compared to 2023.

But this is only part of what was paid in 2024. In total, we paid $385.2 million in claims costs in 2024. Over 63% of that was for claims from prior years. 

• $254.5 million was paid for claims with a date of injury before 2024  
• $13.1 million was paid on claims with a date of injury before 2000  
• Some of the oldest claims paid in 2024 date back to the 1940s 

What this means 

One key takeaway is the “long tail” of claim costs. While claims from the current year are often the focus, older claims, especially those involving ongoing medical care, continue to impact our costs for decades.

This is especially true when it comes to medical inflation. Even small increases in medical costs today can significantly affect claims from as far back as the 1960s, where we are still paying medical benefits.

Why this matters 

Understanding the premium collected and the long-term claim payments is essential for maintaining financial strength and delivering on our promise to injured workers.