WCB’s 2008 Annual Report Focuses on Weathering Financial Markets, Injury Prevention

(WINNIPEG) The Workers Compensation Board of Manitoba (WCB) released its 2008 Annual Report today. Results reveal the organization weathered volatile 2008 financial markets, while continuing to make progress in workplace injury prevention. The WCB also released its 2009-2013 Five Year Plan.

The WCB entered 2008 in a healthy financial position, with strong reserves and a conservatively managed and well diversified investment portfolio. “In a difficult year, our investments performed well on a relative basis and we ended 2008 financially sound and fully funded,” says WCB President and CEO Doug Sexsmith.  In 2007 the Manitoba WCB had the best investment results among Canadian WCBs and is expected to remain among the top performers in the country in 2008.

Turbulent 2008 financial markets contributed to an operating loss of $30 million. This loss, combined with a decline in the investment portfolio, led to a $196 million decline in WCB reserves. At the beginning of 2008, reserves were $258 million and by the end of the year reserves totalled $62 million.

In 2008, the WCB continued to promote return to work and injury prevention initiatives, including an innovative and award-winning youth campaign. Ongoing injury prevention efforts helped to decrease the time loss injury rate to 4.1 time loss injuries per 100 workers in 2008. Although the number of injuries decreased in 2008, the cost of treating injuries rose.

As well, the Government of Manitoba announced it was extending coverage to the compensation system effective January 1, 2009. The WCB looks forward to providing service to more workers and employers.

“We will continue supporting employers and workers in their injury prevention and return to work efforts, working together to change the belief that workplace injuries are inevitable,” says Sexsmith.

The WCB is a mutual injury and disability insurance agency governed by a Board of Directors representative of employers, workers and the public interest and funded by employer premiums.

2008 Annual Report

2009-2013 Five Year Plan

For more information contact:

Warren Preece

Director of Communications

Workers Compensation Board of Manitoba

(204)-954-4113

1-800-362-3340

Email: wcb@wcb.mb.ca