- The WCB remains fully funded with a sufficiency ratio of 137.5 per cent
- Total injury rate decreases to 3.91 per 100 workers
- Time Loss injury rate decreases to 1.72 per 100 workers, reaching a new record low
Regina, Sask., April 10, 2025 – The Saskatchewan Workers’ Compensation Board (WCB)’s 2024 annual report, which was tabled in the provincial legislature today, shows yet another decrease in the province’s workplace Total injury rate. For 2024, the Total injury rate was 3.91 per 100 workers, down from 3.95 per 100 workers in 2023.
Saskatchewan’s 2024 Time Loss injury rate and Total injury rate are the lowest in the province’s recorded history and the number of full-time equivalent workers covered by the WCB has reached a record high.
“For yet another year, we’ve reached historic lows in the province when it comes to workplace safety. This is a significant achievement," said WCB chair Gord Dobrowolsky. “These safety records are the result of the collective dedication of everyone involved in leading safety in their workplaces.”
The Workers’ Compensation Act, 2013 requires the WCB to remain fully funded, which means that it has the ability to cover the future costs of all claims in the system. In 2024, the WCB had a sufficiency ratio of 137.5 per cent, within the WCB’s sufficiency ratio range of between 100 and 140 per cent. The WCB’s sufficiency policy provides a structured framework of guidelines, metrics and targets to ensure the WCB maintains adequate funds to support required benefit levels while safeguarding against unforeseen claims and potential economic fluctuations.
In its annual report, the WCB provided financial highlights from its 2024 results, including:
- The WCB covered 443,344 full-time equivalent workers in 2024, compared to 409,158 in 2023.
- Claim costs were $255 million in 2024, up from $223.4 million in 2023.
- The WCB’s sufficiency ratio was 137.5 per cent at the end of 2024, compared to 135.7 per cent at year end in 2023.
- Due to increased payroll and the increased maximum assessable wage rate, the WCB reported premium revenues of $355.8 million in 2024, up from $337.6 million in 2023.
- The WCB reported investment income of $284.6 million in 2024, up from investment income of $172.6 million in 2023. In 2024, the investment portfolio had a return of 12.9 per cent, compared to a return of 8.2 per cent in 2023. Investment income includes realized income and unrealized gains or losses on investments during the year. Investment income can fluctuate significantly year to year as a reflection of the change in the market value of investments.
In 2024, the WCB reached the halfway point of its Business Transformation Program. The program will modernize and replace outdated core and enabling technologies, update business processes and policies, invest in staff training and enhance the overall effectiveness of its programs and service delivery models.
“Through the Business Transformation Program, we are modernizing the WCB’s service delivery model to improve the customer experience and support the long-term health of Saskatchewan’s compensation system,” said WCB CEO Phillip Germain. “When complete, this highly integrated program will enhance the WCB’s service delivery, including technological tools, business processes, workplace culture and partner engagement.”
As well, for the fifth consecutive year, the WCB has reported that 90 per cent of Saskatchewan employers had zero workplace injuries and fatalities in 2024.
“While we are heading in the right direction, we have more work to do,” said Germain. “Even one fatality or one injury is too many, so we must continue to innovate and focus our injury prevention efforts.”
Injury data highlights in 2024 include:
- Total workplace fatalities were down to 27 from 29 in 2023.
- Total injury rate decreased to 3.91 per 100 workers from 3.95 per 100 workers in 2023. This is the lowest Total injury rate in Saskatchewan history.
- The 2024 Time Loss injury rate decreased to 1.72 injuries per 100 workers from 1.78 injuries per 100 workers in 2023. This is the lowest Time Loss injury rate in Saskatchewan history.
Also in 2024, the WCB, through the WorkSafe Saskatchewan partnership with the Ministry of Labour Relations and Workplace Safety, continued its commitment to workplace safety with the ongoing implementation of the 2023-2028 Fatalities and Serious Injuries Strategy.
Building on the foundation of the initial 2019 strategy, this strategy focuses on reducing serious injuries and eliminating fatalities in high-risk sectors such as health care, transportation and construction. The strategy also focuses on seven common issues affecting Saskatchewan workplaces, including motor vehicle collisions, asbestos exposure, falls, industrial ergonomics, machinery safety, violence prevention and psychological health. By actively engaging employers, workers, occupational health and safety representatives, and key stakeholders, the strategy is driving meaningful progress toward safer workplaces across Saskatchewan. For more information about the fatalities and serious injuries strategy, view the reports at worksafesask.ca/fatalities-and-serious-injuries.
For a more detailed look at last year’s results, the WCB’s 2024 annual report is available at wcbsask.com/corporate-plans-and-annual-reports.