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Member, Beacon International Group, Ltd.
EDMONTON, AlbertaWorkers compensation premiums for Alberta employers will drop 14% in 2006.
The Workers Compensation Board of Alberta approved an average premium rate of $1.57 per $100 Canadian of insurable earnings for 2006, down from the rate of $1.83 per $100 Canadian in 2005.
Ninety-three percent of Alberta employers will see lower premium rates in 2006, the board said.
The board attributed the decrease in employer premiums to a decline in the frequency and length of workers comp claims and a significant increase in its operating surplus, which stood at $254.4 million Canadian ($211.4 million) at the end of 2004.
Canadian workers comp coverage is provided largely by provincial workers comp boards and financed by employer-paid premiums.