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Q4 2023 results


86.2% Return to work at 100% pre-injury earnings within 12 months*

Return to work at 100% pre-injury earnings within 12 months*

In Q4, 86.2% of people with workplace injuries or illnesses returned to work with no wage loss within 12 months, excluding those with COVID-19 claims.

Service timeliness 96% Decisions made within 10 business days 79% Claims paid within 15 days

Service timeliness

Eligibility decision timeliness on lost-time claims met our 2023 target of 96%. Payment timeliness exceeded our 2023 target of 77%.


Registered claim volume* 5% higher than Q4 2022

Registered claim volume*

There were five per cent more Schedule 1 claims registered in Q4 2023 (46,373) than in Q4 2022 (44,149), when excluding COVID-19 claims.

Appeals total allowance rate 31%

Appeals total allowance rate

The percentage of appeal issues that were allowed or allowed in part were within the expected range of 26 to 33 per cent.


Average composite duration in days* 62.3 Days (excluding COVID-19 claims)

Average composite duration in days*

Durations measure the time that claims continue to require benefits. They continued to improve in Q4 – average composite duration decreased by 0.6 days compared to last quarter.

Sufficiency Ratio 122.5%

Sufficiency Ratio

The Sufficiency Ratio** remained strong, increasing in Q4 compared to Q3.


Net assets $7.3 billion in reserve

Net assets

Our net assets on a sufficiency ratio basis increased in Q4 compared to Q3.


*Schedule 1 only

**Sufficiency Ratio reporting is not significantly impacted by IFRS 17, the new insurance accounting standard which came into effect on January 1, 2023


 

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Past results

Please contact us at wsibcomm@wsib.on.ca for all quarterly results from Q1 2022 onwards or if you have questions about our corporate reporting.

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