The lowest injury frequency in 13 years, improved return to work outcomes at both 26 weeks and two years, a decrease in the average assessment rate, and a healthy funding level highlight WorkSafeNB’s 2021 Annual Report, released today.
“We – and that includes New Brunswick’s workers and employers – have a lot to be proud of when we look back on 2021,” said Tim Petersen, WorkSafeNB’s acting president and CEO. “Despite the persistence of COVID-19 and its continued demand on resources, by working together we managed meaningful change and achieved many successful outcomes.”
Financial highlights for 2021 include:
- Net income increased to $313 million in 2021 compared to $255 million in 2020.
- Investment returns in 2021 were 13.1% compared to 5.4% in 2020.
- The funded ratio improved to 147.5% in 2021 from 123.6% in 2020.
- The 2022 average assessment rate of $1.69, set in the fall of 2021, represented a 22% decrease from the previous year.
“On behalf of the board of directors, I commend the management and staff of WorkSafeNB for the resourcefulness, innovation and commitment to our clients that they demonstrated in 2021, and continue to demonstrate,” said Mel Norton, chairperson of WorkSafeNB’s board of directors. “I also want to thank our stakeholders for their continued resiliency and for helping ensure New Brunswick continues to be a healthy and safe place to work and live,” Norton said.
“We developed an ambitious 2022-2024 strategic plan focused on People, Prevention, and Integrity, and I look forward to seeing the improvements that its implementation will effect. There are exciting things in store for WorkSafeNB and our stakeholders, including new service delivery models and a robust modernization of many of its platforms. I invite you to read more in the Annual Report, available online.”
2021 was not without its challenges and WorkSafeNB is committed to improving outcomes for its clients from a timeliness and duration perspective. System improvements and a commitment to early intervention will be focus areas going forward. You can find more information on WorkSafeNB’s strategic initiatives in the Annual Report.
Note: Tim Petersen, acting president and CEO, will discuss 2021 results and what is in store for the future at WorkSafeNB’s Annual General Meeting, to be held online on August 17, 2022, at 2 p.m.