Overfunded Canadian WC Boards’ Holdings Near $4B

• Six of Canada’s workers’ compensation boards are overfunded, holding $4.9 billion CAD ($3.7 billion) in excess funds that should be returned to small businesses, according to a new Canadian Federation of Independent Business report.
• Boards in British Columbia, Manitoba, Ontario, New Brunswick, Prince Edward Island, and the Yukon are overfunded, meaning they exceeded their desired funding target. Manitoba’s board is the most overfunded at 160% when its own funding target is 130%.
• Nine out of 12 boards now have rebate policies in place to return surplus funds to employers. 
• Returning excess funds to employers could provide a small business with five employees a rebate ranging from $1,745 CAD in Ontario to $5,360 CAD in New Brunswick, according to the report.
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Iowa Could See Almost 10% Decrease in WC Rates

• Iowa business owners could see workers’ compensation rates decrease by 7.2% in the voluntary market and an overall decrease of 9.6%, effective Jan. 1, 2025.
• The recommendations were submitted Tuesday to the state Insurance Commissioner by the National Council on Compensation Insurance.
• The primary driver of the proposed change is improved experience, according to the filing. The changes in development and trend factor selections have partially offsetting impacts on the overall voluntary rate level change, NCCI said.
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