Rate Framework (Archived): Rate Group Analysis

These presentations:

  • Explain how employers within a specific rate group in the current classification structure might be classified in the proposed classification structure;
  • Identify potential class and employer level target and actual premium rates under the proposed Rate Framework; and
  • Highlights target rates for each rate group in the current classification and rate setting system (e.g. the premium rate that the current rate groups ought to pay in the current system to better reflect their experience).

With respect to the target rates mentioned above, which include a theoretical allocation of a $10 Billion UFL, you will notice variances with the published 2014 premium rates by rate group, given the absence of direct allocation of the UFL by Rate Group since 2013 date and historical limitations on premium rate levels that have contributed to the discrepancies. Moving towards these target rates will occur as the WSIB addresses the elimination of the UFL. In addition, in considering a gradual transition, it is believed to be necessary to have a modernized Rate Framework that appropriately balances rate stability and responsiveness, providing more equitable premium rates.