In Q3, the Workplace Safety and Insurance Board (WSIB) continued to build on our successes by improving health and safety outcomes and our financial position.
Here are some highlights from the quarter:
- This quarter, claims that continue to require benefits after 72 months continued to decrease among Schedule 1 claims (from 2.6% in the third quarter of 2016 to 2.0% in Q3 2017) and remain steady among Schedule 2 claims (0.5%). Claims with 72 month duration may be “locked in,” which has occurred for 818 claims year-to-date, down from 1,055 claims or 22% over the same period in 2016.
- Our Sufficiency Ratio has also improved this quarter. The unfunded liability on a Sufficiency Ratio basis is down to $1.8 billion and this corresponds to a Sufficiency Ratio of 94.5%, compared to 87.4% at year-end 2016.
- In Q3 the WSIB also transferred the management of its assets to the Investment Management Corporation of Ontario (IMCO). The WSIB is one of two public sector agencies, along with the Ontario Pension Board, that transferred management of its assets over to IMCO.
Having our funds managed by IMCO allows us to:
- achieve economies of scale;
- have wider access to investment opportunities;
- increase diversification;
- enhance our risk management; and
- optimize our use of internal and external investment management.
This is an exciting opportunity as the performance of our investments is a key piece to ensuring we have a strong financial foundation to continue to provide benefits to those who rely on us, while offering premium rate stability to employers.
You can read more about our operational and financial outcomes in the Q3 Report to Stakeholders (PDF).