2010 premium rates to remain among the lowest in 30 years
Richmond, B.C., October 22, 2009 — Employers’ 2010 average base premium rates will remain the same as the last two years at $1.56 per $100 of employers’ assessable payroll, WorkSafeBC announced today. These are the lowest rates in more than 30 years, down from a high of $2.29 in 1996.
The average published base premium rate is a composite of rates in 66 individual rate groups, which function as separate mutual insurance pools for B.C.’s industries. Insurance premium rates for B.C.’s 200,000 registered employers are based on the claims cost (or safety) history of their industry and similar employers, and on individual performance.
In 2010, 41 percent of employers will see their base premium rates decrease from 2009, 5 percent will see their base rates remain the same and 54 percent of employers will see their base rates increase.
WorkSafeBC recognizes the financial hardship that the current economic climate has exacted on many employers in B.C. In response, WorkSafeBC has determined that, in addition to keeping the average base premium rate constant, no industry will experience a base premium rate increase of more than 8 percent between 2009 and 2010. Any premium shortfalls that arise will be incorporated into the rates of those industries in 2011 and beyond when it is anticipated employers will be better able to absorb an increase.
“Employers’ premium rates in B.C. will remain among the lowest of any jurisdiction in Canada in 2010,” said WorkSafeBC’s Chief Financial Officer, Steve Barnett. “We need to ensure that the workers’ compensation system remains affordable and sustainable for B.C. employers and workers”.
Premium rates charged to employers must be sufficient to cover the current and future needs of B.C.’s injured workers, some of whom will require financial and medical aid for the rest of their lives. To support those needs and maintain low and stable rates, WorkSafeBC invests a portion of the funds collected from employers.
Industries with base rate decreases
Rate decreases are announced for auto dealers, insurance and accounting, home support services, open pit mining, painting, plumbing, and finishing carpentry.
Industries with base rates remaining the same
Trucking, forestry, commercial construction, public schools, local government, and computer consulting will see their preliminary rates remain virtually unchanged or will incur very modest increases.
Industries with base rate increases
Industries whose rates are to increase include restaurants, supermarkets, house construction, engineering, sawmills and paper mills, bus lines, couriers, dump trucks, oilfield contracting, and most health care services.
View the 2010 rates
Information regarding the 2010 rates is available on WorkSafeBC’s web site at WorkSafeBC.com, where interested parties can find the base rate for a specific classification unit, search by classification unit name or number, or browse by industry sector.
Additional resources
- Find out how WorkSafeBC sets rates and assigns classification units to employers
- View the Introduction to WorkSafeBC Classification, Rate Setting, and Experience Rating (SWF 486kb)
WorkSafeBC is an independent provincial statutory agency governed by a Board of Directors that serves about two million workers and more than 200,000 employers. WorkSafeBC was born from the historic compromise between B.C.’s workers and employers in 1917 where workers gave up the right to sue their employers and fellow workers for injuries on the job in return for a no-fault insurance program fully paid for by employers. WorkSafeBC is committed to safe and healthy workplaces and to providing return-to-work rehabilitation and legislated compensation benefits.
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For more information, contact: |
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| Donna Freeman, Director |
Scott McCloy, Director |