COVID-19 claims costs and your insurance premiums
Published on: July 15, 2024
WorkSafeBC has received a number of enquiries on how COVID-19 claims are treated for rate setting
WorkSafeBC excluded COVID-19 claims costs in the calculation of the expected new injury costs for 2025 and experience rating for employers. This approach recognizes the negative impact that the COVID-19 pandemic had on employers during the public health emergency. However, direct COVID-19 claims costs have been reflected in the rate group balances, and are generally amortized over a period of five years, as adjustments to the rate groups’ future premium rates. As the volume of COVID-19 claims have dropped significantly, the above treatment will be revisited next year when setting 2026 rates.
2019-11-06 00:05:22