Rates Going Up 12.5% in Alberta, Canada

The Workers' Compensation Board, Alberta, Canada, said that in 2003, premium rates will increase by 12.5% from $1.68 to $1.89 per $100 of insurable earnings to meet those rising costs. Financial gains were used to discount 2002 premium rates by 13 cents from the required rate of $1.81 per $100 of insurable earnings. The 2003 premium rate will fully fund expected claims costs in 2003. Between 1997 and 2001, claims costs almost doubled to $831 million. The average cost per claim has risen from $13,200 in 2001 to a forecast of $14,900 for 2003 - an increase of 13%. This increase is lar...