One of the lowest injury frequency rates in the country, reduced claim durations, and a funding status of 116.9% are some of the highlights featured in WorkSafeNB’s 2011 Annual Report, released recently.
The report includes WorkSafeNB’s goals and targets, set by the board of directors, and performance measurements, as well as the financial statements.
In 2011, WorkSafeNB met the targets for safety, return-to-work, balance and staff satisfaction and engagement. Injury frequency decreased by 1%, with New Brunswick recording the second lowest injury frequency rate in the country. Claim duration decreased by 1.2%.
“Because injuries and claim duration drive our costs, this is good news for everyone,” said Sharon Tucker, chair of WorkSafeNB’s board of directors. “I’m proud of these results. They tell me that, more and more, workers and employers are viewing these injuries as unacceptable, rather than inevitable. And while, most importantly, it means a reduction in the physical and emotional toll of occupational injuries and disease, it also means a reduction in costs,” she said.
As a result of lower than budgeted claims and administration costs, WorkSafeNB recorded an operating surplus of $55 million, resulting in a funded position of 116.9%.
The strong funding position has allowed for a decrease in the provisional average assessment, from $2.08 in 2010 to $2.00 in 2011, and to $1.70 for 2012. New Brunswick’s assessment rate continues to remain the lowest in Atlantic Canada.
“Maintaining a fully funded position benefits both employers and workers,” said Gerard Adams, WorkSafeNB’s president and chief executive officer. “Full funding contributes to rate stability by reducing the impact of year-to-year fluctuations, disasters and other unexpected events. And it means secured benefit payments for our injured workers,” he said.
“I congratulate the workers and employers of New Brunswick who helped us achieve these results by reducing injuries and lost-time claims and claim durations. And I thank WorkSafeNB’s board of directors, its management and staff for their continued commitment and hard work toward our vision of healthy and safe workplaces in New Brunswick.”
The 2011 Annual Report is available online at www.worksafenb.ca.