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Ontario comp premiums up by 3% for 2006

Gloria Gonzalez

July 22, 2005 Reprints

Workers Comp Coverage Canada More + Less -

TORONTOOntario employers will face the first increase in their workers compensation premiums in three years in 2006.

The board of directors of Ontario's Workplace Safety and Insurance Board has raised the average premium rate for 2006 by 3% to $2.26 for every $100 of insurable earnings.

The board blamed an increase in the unfunded liabilitythe difference between the total cost of the claims in the system and the funds in the system to pay for themfor the rise in premium rates.

The unfunded liability stands at $7.1 billion, according to the latest publicly available figures.

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Ontario comp premiums up by 3% for 2006

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