Rate Framework (Archived): Updated Rate Group Analysis (January 2016)

The updated Rate Group Analysis replicates the prior version released in August 2015 and provides, at the current Rate Group level, information that:

  • Explains how employers within a specific rate group in the current classification structure could be classified in the proposed 34 class structure; and
  • Identifies potential class and employer level projected and actual premium rates and the distribution of employers within the risk bands in each Industry Class, under the updated Rate Framework.

List of Rate Group Analysis:

Key points about updated Rate Group Analysis

  • The premium rates identified above reflect the 34 industry classes as though the update Rate Framework had been implemented in 2016. That means that the review of claims experience and reported insurable earnings (IE), among other factors, now includes the rolling six years from 2009 to 2014 (dropping 2007 and 2008 but adding 2013 and 2014). 
  • It is important to re-confirm that all of the modelling completed is revenue neutral in that in produces the same amount of premium revenue at the Schedule 1 level for 2016 that would have been accounted by the WSIB. 
  • The number of risk bands per Industry Class remains between 42 and 83, however as a result of the class expansion, the WSIB is seeing an increase in the total number of risk bands across Schedule 1 from 1,500 to nearly 2,500.