- The WCB remains fully funded with a sufficiency ratio of 135.7 per cent
- Workplace Total injury rate decreases to 3.95 per 100 workers
- Time Loss (Time Loss + Fatality) injury rate decreases to 1.78 per 100 workers
Regina, Sask., April 24, 2024 – The Saskatchewan Workers’ Compensation Board (WCB)’s 2023 annual report was tabled in the provincial legislature today. The province’s workplace Total injury rate fell to 3.95 per 100 workers, the lowest in Saskatchewan’s recorded history.
“I am thrilled to share that, in 2023, the Total injury rate was the lowest in the province’s recorded history,” says WCB chair Gord Dobrowolsky. “This only happened due to the combined efforts of workers, employers, labour and safety associations, and safety leaders across the province.”
Under the requirements of The Workers’ Compensation Act, 2013, the WCB remained fully funded with a sufficiency ratio of 135.7 per cent in 2023. This means it has the ability to cover the future costs of all claims in the system.
“Our objective is always to ensure sufficient funds are available to meet required benefit levels and protect against unexpected claim activity or potential fluctuations in economic conditions,” says WCB CEO Phillip Germain. “The process for managing our funded position is based on our approved sufficiency policy. The sufficiency policy establishes a framework of guidelines, measurements and targets to achieve a fully funded status and sets the target range for the sufficiency ratio of between 100 and 140 per cent.”
As part of its annual reporting, the WCB provided financial highlights from its 2023 results, including:
- The WCB covered 409,158 full-time equivalent workers in 2023, compared to 400,392 in 2022.
- Claim costs were $223.4 million in 2023, up from $188.1 million in 2022.
- The WCB’s sufficiency ratio was 135.7 per cent as of year-end 2023, compared to 136.5 per cent* in 2022. (*To reflect the changes in the International Financial Reporting Standards (IFRS), in 2023, the sufficiency ratio has replaced the WCB’s funding percentage. Prior to 2023, the calculation of funding percentage excluded the unrealized gains and losses on investments in the injury fund.)
- Due to increased payroll, an increased maximum assessable wage rate and increased premium rates, the WCB reported premium revenues of $337.6 million in 2023, up from $304.8 million* in 2022. (*Premium revenues are restated for 2022 to align with the changes in IFRS 17.)
- The WCB reported investment income of $172.6 million in 2023, compared to an investment loss of $132.1 million in 2022. In 2023, the investment portfolio had a return of 8.2 per cent at market, compared to a loss of 5.5 per cent in 2022. Investment income includes realized income and unrealized gains or losses on investments during the year and can fluctuate significantly year to year to reflect the change in the market value of investments.
The WCB also reported on 2023 advancements in its transformation initiative, the Business Transformation Program.
“Through this $150 million, multi-year initiative, the WCB is engaging customers, partners and WCB staff in its journey to implement the changes that it believes are necessary to meet customers' expectations now and into the future,” says Germain. “The program touches everything we do at the WCB and how we support our customers by modernizing every aspect of our service delivery models, technological tools, business processes, workplace culture and engagement with partners.”
Additionally, the WCB reported that for the fourth year in a row, 90 per cent of Saskatchewan employers achieved zero injuries and zero fatalities in their workplaces.
“Today we reported the province’s lowest workplace Total injury rate, which has dropped by 57.62 per cent from 2009 to 2023” says Germain. “Even though these numbers are the best in our province’s history, we must do better because even one fatality, one injury is too many.”
Injury data highlights in 2023 included:
- Last year, 29 workplace fatalities were reported, down from 39 in 2022.
- The workplace Total injury rate in 2023 decreased to 3.95 per 100 workers, representing an 8.78 per cent decrease from the 2022 Total injury rate of 4.33 per 100 workers.
- The 2023 Time Loss injury rate decreased to 1.78 injuries per 100 workers, down 12.75 per cent from the 2022 rate of 2.04 injuries per 100 workers.
The WCB, through its WorkSafe Saskatchewan partnership with the Ministry of Labour Relations and Workplace Safety, launched the 2023-2028 Fatalities and Serious Injuries Strategy in March 2023, building on the initial strategy launched in 2019. The updated strategy aims to reduce serious injuries and eliminate fatalities in the highest-risk sectors of health care, transportation and construction by engaging employers, workers, occupational health and safety representatives, and other key stakeholders.
For a more detailed look at last year’s results, the WCB’s 2023 annual report is available at wcbsask.com/corporate-plans-and-annual-reports prior to its annual general meeting on May 14.