Third year of double-digit returns
| FACT FILE: Mining accidents | ||
| Mine | Freq. | Sev. |
| Con | 14.4 | 96 |
| Giant | 16.7 | 229 |
| Lupin | 2.4 | 113 |
| Nanisivik | 2.2 | 25 |
| Polaris | 4.4 | 84 |
| Colomac | 3.0 | 60 |
| Ekati | 1.2 | 23 |
| *Frequency is number of time loss accidents per 200,000 person hours. | ||
| *Severity is number of lost days per 200,000 person hours. | ||
Doug Ashbury
Northern News Services
NNSL (Jul 13/98) - Bolstered by a healthy growth in its investment portfolio, the NWT Workers' Compensation Board is enjoying a run of success, John Todd, minister responsible for the board, said.
In 1995, the board changed its investment policies and asset mix to a more balanced investment strategy.
The investment strategy also became more aggressive.
"Investment success, low interest rates and liabilities below actuarial projections have combined to create a $20 million operating surplus in 1997," Todd said.
The board's portfolio break down includes fixed term assets (52.1 per cent), Canadian equities (21.6 per cent), U.S. equities (12.2 per cent), foreign equities (9.1 per cent) and cash and short-term deposits (5.1 per cent).
Total investment portfolio rose to $206.8 million on Dec. 31, 1997, compared to $181.9 million a year earlier.
Year-end assets, which include investments, were $220.2 million compared to $197.4 million.
Liabilities were $169.5 million compared to $167.0 million.
Reserves were $50.6 million compared to $30.4 million.
In 1997, registered claims dropped to their lowest level in four years.
Claims from last and prior years total $20.4 million compared to $25.6 million a year earlier.
In 1997, 3,626 claims were reported with 3,364 accepted. In 1996, 3,834 claims were reported with 3,546 accepted.
Active businesses in 1997 rose to 5,625 from 5,063.
In the last three years, the average assessment rate has dropped from $2.33 per $100 dollars of assessable payroll to $1.87. During that period, workers' benefits have rose from a maximum of $47,500 to $52,000.
"The WCB has consistently reflected its financial success by decreasing employer assessment rates and increasing benefits to injured workers," Todd said.
As well in 1997, the board's catastrophe reserve, for unforseen workplace disasters, doubled to $10 million.
