REGINA — A decrease in workplace injuries was one highlight of the Saskatchewan Workers’ Compensation Board (WCB) 2024 results that were shared at a virtual annual general meeting this week.
The total injury rate decreased by 1.01 per cent to 3.91 injuries per 100 workers from 3.95 per 100 workers in 2023.
Members of the board and executive team provided an overview of the organization’s financial, strategic and operating highlights, including 2024 workplace injury and fatality statistics during the meeting.
The WCB’s sufficiency policy sets a target range for the sufficiency ratio of between 100 and 140 per cent. In 2024, the WCB remained fully funded, with a sufficiency ratio of 137.5 per cent, compared to 135.7 per cent in 2023.
Injury data highlights in 2024 included:
- In 2024, 90 per cent of Saskatchewan workplaces reported zero injuries or fatalities for the fifth consecutive year.
- The 2024 total injury rate and Time Loss injury rate hit the lowest levels in the province’s history. The total injury rate decreased by 1.01 per cent to 3.91 injuries per 100 workers from 3.95 per 100 workers in 2023. The Time Loss injury rate in 2024 was 1.72 per 100 workers, a 3.37 per cent decrease from 1.78 in 2023.
“Protecting Saskatchewan workers and employers is at the core of everything we do at the WCB,” said WCB CEO Phillip Germain.
“Our funding position is what lets workers and employers know their needs will be supported. Reporting a strong funded position and sufficiency ratio gives us the ability to continue to work together with workers and employers across the province to eliminate injuries and restore abilities, striving to make all workplaces in Saskatchewan safer each day.”
Financial highlights of the WCB’s 2024 results included:
- Claim costs were $255.0 million in 2024, up from $223.4 million in 2023. Between 11 and 15 per cent of all claims in the province continue to be serious injury claims, which make up more than 80 per cent of the costs to the Saskatchewan compensation system.
- The WCB reported premium revenues of $355.8 million in 2024, up from $337.6 million in 2023.
- The WCB reported investment income of $284.6 million in 2024, up from $172.6 million in 2023. In 2024, the investment portfolio had a return of 12.9 per cent at market, compared to a return of 8.2 per cent in 2023. Investment income includes realized income and unrealized gains or losses on investments during the year and can fluctuate significantly year to year to reflect the change in the market value of investments.
- The WCB covered 34,186 more full-time equivalent workers in 2024 compared to 2023.
Through its WorkSafe Saskatchewan partnership with the Ministry of Labour Relations and Workplace Safety, the WCB continued to implement the 2023-28 Fatalities and Serious Injuries Strategy. The strategy focuses on reducing fatalities and serious injuries, the most harmful and costly injuries in the province. The strategy identifies the highest-risk sectors of health care, transportation and construction that account for the highest number of serious injuries.
“Partnering to implement this strategy is a fundamental aspect of the WCB’s next generation prevention strategic initiative,” said Germain. “Our goal is for each worker to return home safely at the end of each work day. Only together in collaboration with workers, employers, safety associations, labour and industry partners can we eliminate all workplace fatalities and reduce the number of serious injuries.”
For more information on these results, the WCB’s 2024 annual report is available online at wcbsask.com/corporate-plans-and-annual-reports.
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