WCB-Alberta navigates a challenging economy
Strong 2008 operational results offset market volatility
By carefully charting a clear long-term business strategy, WCB-Alberta and its partners have faced the economic challenges of 2008 and have successfully weathered the ups and downs of the global financial market.
The 2008 results presented to stakeholders at its annual general meeting demonstrate that the foundation of the workers’ compensation system in Alberta continues to remain strong and stable.
“We’ve faced a tough economy before, but we have never been in a better position to make it through,” Guy Kerr, WCB President and CEO told stakeholders today. “The system is fully funded, we have strong partnerships in place, and our business is more focused than ever.”
Despite an increase in the number of Albertans covered by the workers’ compensation system in 2008 (to 1.8 million) overall injury rates decreased or remained stable. Kerr says the unrelenting focus of the organization and its partners on return-to-work results has driven this success, resulting in unprecedented outcomes.
WCB has released its 2008 Annual Report and some of the highlights include:
- 93 per cent of injured workers returned to the job
- The time-lost claim rate decreased to 1.8 per 100 workers
- The disabling-injury rate decreased to 3.4 per 100 workers
- The system remained funded at 111.7 per cent
Strong operational results put WCB-Alberta on a solid financial footing to minimize the impact of an uncertain market. “We are confident in the long-term health of Alberta’s workers’ compensation system,” Chair of the Board, David Carpenter told stakeholders. “We are pleased to work closely with a management team that understands the value of planning today to provide support for our stakeholders tomorrow.”
“WCB’s collaborative approach to partnerships is the key to a stable system for the future. We are determined to work with our partners to ensure our combined performance remains strong,” reiterated Kerr. “Good performance matters now more than ever.”
The Workers’ Compensation Board (WCB) – Alberta is a not-for-profit organization legislated to administer the workers’ compensation system for the province. Through the payment of premiums, 140,000 employers fund this no-fault system to provide compensation for workplace injuries and occupational diseases to over 1.83 million workers.
The webcast of the annual general meeting is available for viewing for 30 days following the event. View the webcast archive.
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2008 Annual
Report (pdf, 2.73MB)
2008 Year at a Glance (link no longer available)
2008
Accountability Framework (link no longer available)
2008
Investment Report (link no longer available)
Media Inquires:
Jennifer Dagsvik Media Relations Specialist
WCB-Alberta
Phone:
780-717-5855
Fax: 780-498-7875
Email: jennifer.dagsvik@wcb.ab.ca