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Trucking premium could decrease

TORONTO, Ont. -- The Workplace Safety & Insurance Board has proposed a premium decrease of 1.9 per cent for truckin...


TORONTO, Ont. — The Workplace Safety & Insurance Board has proposed a premium decrease of 1.9 per cent for trucking (from 5.94 per cent to 5.83 per cent) for 2004.
The news comes after WSIB released its preliminary premium rates for 2004.

As a result of intense lobbying by the OTA and other employer groups, the average rate has been frozen at last year’s level of $2.19 for every $100 of insurable earnings. While the average rate has been frozen, some individual rate groups will see a premium increase while others will see a premium decrease. For Rate Group 570 (General Trucking) the rate will decrease 1.9% (from 5.94% to 5.83%).

“(The) announcement is good news for an industry that has been battered this year by a succession of bad news. Higher gas prices, increased insurance costs, and the impact of a higher Canadian dollar have all contributed to a tough year for Ontario’s trucking industry. A reduction in WSIB premiums, even if it’s only 1.9%, is very good news indeed,” said OTA president David Bradley.

The preliminary premium rates for 2004 are the result of a review of the WSIB’s funding strategy, and consultation with employer stakeholders in early July. The WSIB and employer stakeholders consulted on effective and responsible funding options to maintain financial security, while eliminating the unfunded liability by 2014. OTA was an active participant in these consultations.

Final premium rates for 2004 will be available in November 2003.


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