LWCC

LWCC has declared a $94 million dividend for 2020 that will be distributed to the nearly 20,000 Louisiana businesses that have policies with the private workers’ compensation insurance company.

A report issued by LWCC said the $222.2 million in dividend payments the private worker’s compensation insurance company made to members in 2019 pumped about $536 million into the Louisiana economy and created 3,655 jobs.

The report, done by LSU Economist Jim Richardson for the company, said the payments to about 20,000 members statewide caused the state’s gross domestic product to rise by $215 million in 2019, generated personal earnings associated with job creation of nearly $173 million and added $24 million to state and local tax collections.

LWCC clients use the dividend payments in a variety of ways, Richardson said. Some use the money to reinvest in buildings, some pass along the money as a bonus to employees or shareholders. Other companies use the money to improve their safety operations, which can lead to further savings down the line, he said.

The dividend payments were divided fairly evenly across the state, with 28% going to businesses in the New Orleans area, 23% in the Lafayette market, 18% in metro Baton Rouge, 10% in Shreveport/Bossier City, 6% in Lake Charles and 4% each in Alexandria and Monroe.

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Email Timothy Boone at tboone@theadvocate.com.