- Total Injury and Time Loss Injury rates drop, exceeding year’s targets
- Number of worker’s covered increases by nearly 3,000
- WCB funded position exceeds funding policy range
The Saskatchewan Workers’ Compensation Board’s 2015 Annual Report was tabled in the provincial legislature today. WCB Chair, Gord Dobrowolsky said the financial results indicate 2015 represented a year of stability and growth for the WCB as the organization continues to focus its efforts on improving processes that will add value to the customer experience.
“We’re the first to admit that we have a long way to go as we strive to better serve our customers – the workers and employers of Saskatchewan, Dobrowolsky said. “Our customers deserve excellent service and this is what we are working towards.”
The WCB’s compensation system is based on a historic compromise rooted in the Meredith principles which guarantees the protection of both injured workers and their employers.
“We’re pleased to report that our 2015 operating results demonstrate that we continue to meet our obligations in serving both employers and injured workers and that we remain committed to improving the processes necessary to deliver our services,” added Dobrowolsky.
Dobrowolsky noted that once again this year, workplace injuries have declined. “This year, we exceeded our target of reducing workplace injuries. The total injury rate (per 100 workers) declined from 6.99 in 2014 to 6.30 in 2015. This is arguably one of the greatest successes of the past year and brings us that much closer to reaching Mission: Zero which is to eliminate all workplace injuries.”
WCB CEO, Peter Federko agreed noting that every workplace injury is preventable and every workplace death is preventable. “Employers across the province are embracing the fact that workplace injuries can be eliminated and many now recognize that while it starts with leadership, everyone has a role to play in maintaining a safe workplace.”
“The decrease in injury rates that we saw again in 2015 is due to the employers and workers in the province who continue to commit themselves to workplace safety,” Federko said.
Federko also noted that in 2015 the Time Loss Injury rate dropped for the 13th straight year from 2.41 per cent in 2014 to 2.07 per cent in 2015 and 96 per cent of injured workers with a Time Loss injury returned to work, achieving the WCB’s 95 per cent objective.
“In 2015, we experienced an underwriting profit of $25.8 million due to continued payroll growth and reduced claims. With investment income of $106.3 million and the 2014 $141 million surplus distribution expensed in 2015, our compressive loss was $7.5 million. Our funded position was 144.7 per cent at December 31, 2015, exceeding the upper limit of the WCB’s funding policy. For the second year, and to comply with the funding policy, the WCB is again in a position to distribute excess surplus funds to employers in 2016. This is the result of excess investment earnings. The Board has yet to determine the amount of the 2016 surplus distribution.” Federko said.
Federko noted that the positive financial results were achieved despite another drop in the 2015 average employer premium rate to $1.46 per $100 of insurable earnings.
The WCB will provide details of its 2015 performance at the AGMs scheduled for Saskatoon on May 4th and in Regina on May 5th.