ACCG Worker's Compensation Board Announces Rate Decrease and $4 Million Dividend

On November 15, 2023, the Board of Trustees of the ACCG - Group Self-Insurance Workers’ Compensation Fund (ACCG-GSIWCF) voted to decrease the overall rate structure by 8.4% for the 2024 ACCG-GSIWCF renewal. Rates have continued to decrease over the last 10 years due to the members’ improved loss experience.

 

Each member was individually rated, considering several factors. While many members received premium decreases, others saw increases due to extraordinary growth in payroll and/or poor loss experience, for example. Also, individual job class rates were adjusted up or down based upon the collective members’ historical claims and payroll by job class. 

 

All members are encouraged to be actively engaged in safety efforts for the benefit of their employees, utilizing the assistance of Local Government Risk Management Services, whose services are automatically included with membership. Effective safety programs along with experienced, professional claims handling by ACCG Claims Administration Services, help keep premiums down. 

 

The Board also voted to return a $4 million dividend to eligible members that renewed their membership effective January 1, 2024. This dividend was returned in the form of a premium credit, which has been provided every year for the past 29 years. The dividend is designed to reward long-term membership in the Fund and applied to those members that had been in the program since 2014 or earlier. The dividend reduced members’ 2024 premiums by an average of 14%. This is one of the many benefits of belonging to a non-profit, group self-insurance program. The ACCG-GSIWCF Board has authorized the return of dividends totaling $124 million, including special cash returns of $23.5 million to eligible members in 2016, 2019, 2020, 2021, and 2022, and another $5 million special cash return in early 2024. Annual premiums are set to cover expected losses and expenses, and dividends are the result of better-than-expected claims experience and investment income.

 

ACCG-GSIWCF is a member-owned insurance fund that was established in 1982. The Fund currently provides workers’ compensation coverage for 167 members, consisting of 133 Georgia counties and 34 county-related authorities. McDuffie County Commissioner Fred Favors serves as Chairman of the ACCG-GSIWCF Board of Trustees.