Loading...
Skip to content

2017 Economic statement

The annual Economic Statement provides an update on our progress toward financial sustainability and our ability to serve people with work-related injuries or illnesses. It also compares our latest estimated funding trajectory to past projections and provides an explanation of any change in our forecast. For the first time, our Economic Statement also incorporates the legislated annual update requirements to our original Sufficiency Plan.

Highlights:

  • Building on a 6.2 per cent reduction to the average premium rate in 2017, the Board of Directors has approved a 3.3 per cent reduction to the average premium rate for 2018.
  • As of June 30, 2017, the WSIB reduced its Unfunded Liability (UFL) on a sufficiency basis to $2.6 billion, down from $4.0 billion in 2016 and a high of $14.2 billion in 2011.*
  • We are tracking well ahead of our legislated timeline to eliminate the UFL. We anticipate reaching a Sufficiency Ratio of 100 per cent by 2020, a year earlier than projected last year.
  • To safeguard Ontarians’ benefits and offer premium rate stability for employers, we must ensure that we can withstand future economic shocks. For this reason, we are working to move beyond the legislated requirement to be 100 per cent funded, and build a responsible margin to offset times of economic volatility.

This chart compares our forecast Sufficiency Ratio as of this year to what we previously published in the 2016 and 2015 Economic Statements. In 2016, we forecasted higher (better) Sufficiency Ratios than in 2015 and this year, we are again showing improvement. Sufficiency Ratios are projected out to 2027 in each case.

Read the 2017 Economic Statement (PDF).

*All financial results are preliminary as of June 30, 2017 unless otherwise specified.

CEO blog button
Compass: Guiding you to a healthy and safe workplace
WSIB@work seasonal newsletter