Honolulu, HI – During HEMIC’s 20th anniversary year, the Board of Directors of Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC) has declared a $3.5 million dollar dividend payable to qualifying policyholders. This is $0.5 million dollars more than HEMIC’s dividend last year, and is the eleventh consecutive year that the HEMIC Board has authorized a multi-million dollar dividend. With this dividend, HEMIC will have returned over $31 million dollars to Hawaii businesses over the last decade-plus.
Policyholders insured with HEMIC for more than one policy year and who possess demonstrated safety records qualify for the dividend, which will be distributed in November.
Said HEMIC Chief Executive Officer, Martin Welch, “HEMIC’s Directors are pleased to declare a $3.5 million dollar dividend this year. HEMIC is a mutual insurance company, owned by and with a mission to serve our policyholders. This dividend declaration underscores that investing in workplace safety pays many times over: it is good for employees’ well-being, it is good for workplace productivity, and it is good for employers’ bottom line.”
HEMIC is the carrier of choice for over 95% of their policyholders, as well as the only residual market for those Hawaii employers unable to obtain workers’ compensation coverage elsewhere. HEMIC’s policy premiums are carefully tailored to each employer’s individual loss history.
“Our mission is to serve Hawaii’s businesses and employees, and we see it as our kuleana to work with policyholders to achieve safer workplaces through education, training, and a collaborative partnership ,” said Jason Yoshimi, President and CFO. “This year, we anticipate nearly 80% of our members will receive a dividend.” The average dividend equates roughly to a month’s worth of premium for most qualifying policyholders.
While the law does not allow any insurance company to guarantee future dividends, paying an annual dividend is an important goal of HEMIC’s Board of Directors.