During the first quarter of 2017, the Workplace Safety and Insurance Board saw strengthened outcomes for injured workers. We also saw steady improvement in our financial results, which is crucial to ensure we can continue to support injured workers now and into the future.
As well, for the first time since 2001, we implemented an overall premium rate reduction for Schedule 1 employers.
The Q1 Sufficiency Report to Stakeholders measures our sustainability through a Sufficiency Ratio, which is an objective measure to track our progress toward sustainable funding.
- At the end of this quarter our unfunded liability (UFL), on a Sufficiency Ratio basis, was $3.5 billion, down $0.5 billion from December 31, 2016.
- This corresponds to a Sufficiency Ratio of 89.0%, compared to 87.4% at year-end 2016.
We are building a strong financial foundation and tracking well ahead of our legislated timelines to eliminate the UFL.
*can be found on page 18 of the Report to Stakeholders (PDF).
As we approach 100 per cent funding, we must ensure that we can withstand future economic shocks and maintain a stable level of funding. To be prudent, we will build a margin over and above the legislated requirement to be 100 per cent funded. This will ensure we have a strong foundation to provide benefits to injured workers and premium rate stability for employers in times of economic volatility.
To learn more please read the Q1 2017 Sufficiency Report to Stakeholders (PDF).