WCB of Saskatchewan shares 2023 results at annual general meeting

Province’s workplace Total injury rate decreases to 3.95 per 100 workers Workplace Total injury rate is the lowest in Saskatchewan’s...

WCB of Saskatchewan shares 2023 results at annual general meeting

  • Workplace Total injury rate is the lowest in Saskatchewan’s history
  • Time Loss injury rate decreases to 1.78 per 100 workers
  • The WCB remains fully funded, with a sufficiency ratio of 135.7 per cent

Regina, Sask., May 14, 2024 – The Saskatchewan Workers’ Compensation Board (WCB) shared its 2023 results at its annual general meeting today, held virtually. WCB CEO Phillip Germain and members of the board and executive team provided an overview of the organization’s financial, strategic and operating highlights, including 2023 workplace injury and fatality statistics.

“We are committed to maintaining a strong and stable funding position,” says Germain. “By doing so, we let workers and employers know their needs will be met, while also ensuring stable funding for programs and services that help us meet our vision of eliminating injuries and restoring abilities. That way, workers and employers know the WCB will be there for them when they need us.”

The WCB remained in a fully funded position in 2023, with a sufficiency ratio of 135.7 per cent. This ratio ensures the organization has the ability to cover the future costs of all claims in the system. The sufficiency policy sets a target range for the sufficiency ratio of between 100 and 140 per cent.

Financial highlights of the WCB’s 2023 results include:

  • Claim costs were $223.4 million in 2023, up from $188.1 million in 2022. Serious injuries continue to account for more than 80 per cent of total claim costs.
  • 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 covered 409,158 full-time equivalent workers in 2023, compared to 400,392 in 2022.

Injury data highlights in 2023 include:

  • In 2023, 90 per cent of Saskatchewan workplaces reported zero injuries or fatalities for the fourth consecutive year.
  • The workplace Total injury rate in 2023 hit its lowest level in the province’s history, decreasing to 3.95 injuries per 100 workers. That represents 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 by 12.75 per cent to 1.78 injuries per 100 workers, compared to the 2022 rate of 2.04 injuries per 100 workers.

Last year, WorkSafe Saskatchewan, the partnership between the WCB and the Ministry of Labour Relations and Workplace Safety, released the 2023-2028 Fatalities and Serious Injuries Strategy. Building on the success of the first strategy, the updated multi-year plan relies on customer feedback and engagement, as well as claim and injury data, to develop strategies to reduce serious injuries and eliminate fatalities. The strategy outlines two key streams – a regulatory and enforcement stream and a prevention and learning stream.

“The updated strategy targets the highest-risk sectors of health care, transportation and construction,” Germain explains. “Engagement is a critical cornerstone of this strategy. That’s why we’re bringing workers, employers, health and safety groups, and other key stakeholders together to come up with collective solutions. Working together, we’re building an even stronger workers’ compensation system and helping to ensure every Saskatchewan worker goes home safely at the end of their day.”

For more information on these results, the WCB’s 2023 annual report is available online at wcbsask.com.

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