The Saskatchewan Workers’ Compensation Board (WCB)’s 2023 annual report was tabled in the provincial legislature at the end of April. The province’s workplace total injury rate fell to 3.95 per 100 workers.
“I am thrilled to share that, in 2023, the total injury rate was the lowest in the province’s recorded history,” said 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,” said 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,” said 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.”