WCB Industry-Specific Rate Setting Sessions
In 2018, the WCB will adopt changes to its Rate Model based on recommendations that came from an external actuary’s review in 2016. These changes to the WCB's Rate Model will impact the premiums employers pay.
The WCB will be hosting industry-specific sessions in Regina and Saskatoon from February 27 to March 8, 2017. Attend your industry session to learn the potential impact to your rate code. (Current data will be used as an indicator of what your 2018 rates will be.)The sessions provide an opportunity for you to give input on how the transition to the enhanced Rate Model will be adopted.
> Register for your Industry Session: Webinars available for all sessions.
(Need help finding your company's Rate Code? Find out what your rate code is and the current premiums you pay.)
WCB's Rate Model Review - Background:
The WCB uses its rate model to determine the revenue required in the coming year to cover the expected future cost of all injuries occurring in the year, as well as its expected administrative costs. The WCB has been using its current rate setting model since 1998. Following the WCB's 2015 Asset Liability Study (conducted by independent actuary, Eckler), a recommendation was made to review the WCB’s rate model. In September 2016, Eckler released their Rate Model Review report outlining their recommendations for the WCB’s Rate Model. Their report outlines the 11 recommendations from the rate model review.
In the fall of 2016, the WCB began public education sessions to educate employers on the Rate Model Review. These education sessions were held around the province. Employers and the public had an opportunity to understand the importance of the Rate Model Review, ask questions and learn about the potential impacts. If you would like background information to the current rate model, Eckler's report or the education sessions we held in 2016 please click here.
* Employers are urged to attend the upcoming industry-specific sessions in Regina and Saskatoon on February 27- March 8.