Update: 2024 WCB Industry Rates Announced
On Dec 6, 2023, WCB announced the 2024 industry rates. The average industry rate will increase from $1.26 by 10 cents (7.9%) to $1.36 rather than $1.51, which would be required to cover the total forecasted claims cost. For 2024 WCB will absorb the additional costs (15 cents) from its accident fund, to cover a portion of employer premiums.
In addition, the maximum assessable earnings range increased from $102,100 to $104,600. While the cost threshold for no-time lost claims remains at $1900.
What does this mean for your premiums?
The trucking industry has multiple industry codes. Every business should verify their industry code in their WCB account. Each industry is treated differently based on its risk profile. As a result, our industry codes receive their own rates.
The industry codes for AMTA are:
50714 General Trucking
2024 rates will be $4.79 per 100 dollars of earnings. The 2023 rate was $4.70 an increase of 1.91%.
50701 Specialized Trucking
2024 rates will be $3.33 per 100 dollars of earnings. The 2023 rate was $3.07 an increase of 8.47%.
57901 Garbage Collection/Disposal
2024 rates will be $3.21 per 100 dollars of earnings. The 2023 rate was $2.87 an increase of 11.85%.
To learn more about the 2024 rates and how they are set, visit the WCB page by clicking here. If your industry code is not listed above, click here.
What can I do to lower costs?
WCB utilizes a complex formula to set your company’s individual insurance premiums based on these rates. Depending on the unique circumstances of your business, you may be charged additional premiums, up to 60% on your experience rating, and an additional poor performance surcharge of up to 200%. Alternatively, you may receive Partnership in Injury Reduction (PIR) discounts of up to 20% for a total max discount of 60%.
Case Studies
Company X took advantage of these programs and saved over $182,000 over three years in premiums on top of increased productivity. They actively managed their WCB claims and introduced safety programs and achieved COR.
Company Y was paying an additional $132,000 per year in premiums due to poor performance. By managing their WCB claims by seeking cost relief on several claims as well as successfully appealing a group claim, they were able to eliminate the poor performance surcharge and get a refund from the previous year.
How can AMTA help?
AMTA can provide members with one-on-one guidance on how to help manage your WCB premiums. If you have any questions, please contact AMTA and our experienced staff will be happy to help. For your WCB, Safety, Compliance, and Human Resources questions, please email Member Services at memberservices@amta.ca or phone 1-800-267-1003.