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2005 - Rate Group DB

2005 actuarial rate: $2.97 (per $100 of assessable payroll)

Actuarial rate history:
2005:   $2.97
2004:   $3.38
2003:   $4.10

Industry group: DB01 - Metal and Non-Metallic Mineral Products
Classification unit:
CU # CU name 2005 Rate 2004 Rate
712003   Boiler, Tank, or Furnace Manufacture    $2.77 $3.28
712016   Heavy Equipment, Machinery, or Parts Manufacture or Installation (greater than 500 lbs weight)    $2.77 $3.28

Industry group: DB02 - Petroleum, Coal, Rubber, Plastic and Chemical Products
Classification unit:
CU # CU name 2005 Rate 2004 Rate
713023   Plastic Film Extrusion and Flexible Packaging Manufacture    $4.25 $4.92

1 Newly created classification unit.
2 New member for this industry group.

 

Key trends for Rate Group DB

Cost components for Rate Group DB

The information presented below for this rate group provides a breakdown of the various costs involved in determining the actuarial rate. Please refer to this rate group's main page to determine base rates for member classification units.

Cost rates
        Short term disability 0.721      
        Long term disability 0.588      
        Survivor's benefits 0.130      
        Health care 0.484      
        Vocational rehabilitation 0.149      
  ------      
Average benefit cost rate 2.072 ---> 2.07*  
        Claim administration     0.42   
        Data variance adjustment     0.02   
      -----   
 
Total cost rate     2.51  --->
2.51
Other administration costs 0.33
Penalty and experience rating imbalance adjustment 0.00
Funding policy adjustment 0.13
  -----
Total 2005 actuarial rate (per $100 of assessable payroll) 2.97
(Without adjustments or industry-funded initiatives, or exemption from prevention administration costs, if applicable.)  
* Rounded to two decimal places

 

Key trends for Rate Group DB

These graphs show trends in the performance of your rate group. To see a consolidated five-year performance picture, see your multi-year trend information.

To understand the terminology used in these graphs, view the explanation of trend terms.

For further interpretation of these graphs, contact the WCB.

 

Multi-year trend information for Rate Group DB

What trends is your rate group experiencing? This chart provides a history of your rate group's performance.

To understand the terminology used in this chart, view the explanation of trend terms.

Key indicators  1999 2000 2001 2002 2003 Change 1999-2003 Change 2002-2003
Injury rate 8.1 9.0 7.4 5.9 6.5 -19.8% 10.2%
Total duration 44.6 36.9 38.2 35.0 38.1 -14.6% 8.9%
Average weekly wage $838 $837 $844 $841 $860 2.6% 2.3%
Number of claims 443 547 423 322 351 -20.8% 9.0%


Cost history  (in thousands) 1999 2000 2001 2002 2003 Change 1999-2003 Change 2002-2003
Short term disability $2,204 $2,095 $1,653 $1,299 $1,579 -28.4% 21.5%
Long term disability $1,889 $1,721 $954 $1,311 $1,316 -30.3% 0.3%
Survivor benefits $1,253 $9 $8 $207 $115 -90.9% -44.7%
Health care $2,080 $956 $857 $827 $1,200 -42.3% 45.2%
Vocational rehabilitation $454 $379 $198 $389 $403 -11.3% 3.5%
Total costs $7,880 $5,160 $3,670 $4,033 $4,613 -41.5% 14.4%


Rate data  (in millions) 1999 2000 2001 2002 2003 Change 1999-2003 Change 2002-2003
Assessable payroll $202 $213 $210 $207 $218 7.7% 5.1%
Accumulated payroll $265 $263 $243 $228 $224 -15.3% -1.7%


Benefit cost rate  1999 2000 2001 2002 2003 Change 1999-2003 Change 2002-2003
(Per $100 of payroll) 2.97 1.96 1.51 1.77 2.06 -30.9% 16.4%

Average benefit cost rate for calculating the 2005 base rate: $2.07
Number of years used to calculate average benefit cost rate: 5