WSIB freezes premiums
TORONTO, (Aug. 29, 2003) — The Ontario Trucking Association says its lobbying efforts led to the Workplace Safety & Insurance Board (WSIB) freezing the average premium rates at last year’s level of $2.19 for every $100 of insurable earnings.
The OTA says that WSIB’s preliminary premium rates for 2004 indicate that 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 per cent (from 5.94 per cent to 5.83 per cent).
“Today’s announcement is good news for an industry that has been battered this year by a succession of bad news,” OTA president David Bradley said in a press release. “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 per cent, is very good news indeed.”
Final premium rates for 2004 will be available in November 2003.
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