WorkSafeNB’s 2011 report reveals a decrease in injury frequency and a strong funding status. The report includes WorkSafeNB’s goals and targets, set by the board of directors. It also includes performance measurements and financial statements.
In 2011, WorkSafeNB met targets for safety, return-to-work, balance and staff satisfaction and engagement.
Injury frequency decreased by one per cent, with New Brunswick recording the second lowest injury frequency rate in the country, according to WorkSafeNB.
Claim duration decreased by 1.2 per cent.
“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 per cent.
“Maintaining a fully funded position benefits both employers and workers,” said Gerard Adams, WorkSafeNB’s president and CEO. “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.”
The organization’s funding position has allowed for a decrease in the provisional average assessment, from $2.08 in 2010 to $2 in 2011 and to $1.70 for 2012.