Despite a decrease in its funded liability and a deficit of $48.0 million, the WHSCC finished 2007 with secure assessment income, strong payrolls, stable new accident costs and continually improving service delivery and return to work initiatives.
“Although the board of directors exercised prudent rate-setting decisions and accident costs decreased, our funded level declined because of poorer than expected investment returns and new legislation that introduces a presumption clause for certain occupational diseases for firefighters,” said Roberta Dugas, WHSCC chair. “The introduction of Bill 12, An Act to Amend the Workers’ Compensation Act, increased the Commission’s claim costs by $31.2 million,” Dugas said.
“While the funded liability fell from 111.0% in 2006 to 105.4% in 2007, this funding level still represents a steady improvement from a low of 92.3% in 2003, and consecutive decreases in assessment rates since 2005,” she said. “The board bases its decisions on long-term assumptions and objectives not short term results, and the WHSCC continues to maintain sufficient funds to pay future benefits.”
A decrease in accident frequency represents positive results for the Commission in achieving its goal of reducing workplace accidents. Results from the annual client satisfaction surveys, administered by an independent firm, endorse the Commission’s commitment to continuing to deliver high quality services to the employers and workers of New Brunswick.
MORE INFORMATION
The WHSCC’s 2007 Annual Report, including its Financial Statements, is available for download at www.whscc.nb.ca.