In recent years, compensation pay-outs resulting from work-related accidents have dropped by almost 50% at the Port of Antwerp, Vanbreda Risk & Benefits' 2017 Port Barometer has revealed. According to the Antwerp-based insurance broker and risk consultant, this drop is due to a solid prevention policy.
In the 2017 Port Barometer, Vanbreda Risk & Benefits examines the financial impact of work-related accidents at the Port of Antwerp. An analysis was made of its own client portfolio, which represents over half of the port worker population in terms of work-related accidents.
Dominique De Clercq, Senior Account Manager and Port Specialist at Vanbreda: “The main conclusion is that compensation pay-outs resulting from work-related accidents at the Port of Antwerp between 2012 and 2016 dropped by 42%, which is almost half. In 2012, compensation pay-outs still amounted to €11.3 million, while this had fallen to €6.6 million in 2016. Meanwhile, in the same period, the number of port workers increased by 9%.”
According to Vanbreda, this positive evolution can be almost completely attributed to the extensive preventative measures carried out by the port companies, together with CEPA (the Antwerp merchant employers’ centre) and their insurance partners.
Furthermore, the 2017 Port Barometer reveals that the technical cost of accident-at-work insurance dropped from 6.34% of the total wages in 2012 to 3.95% of the total wages in 2016.
Geert De Krem, Senior Product Manager and Accident-at-Work Specialist at Vanbreda Risk & Benefits: “The technical cost is an important factor for the insurer when determining the premium. Organisations that succeed in lowering work-related accident claims in a sustainable manner, improve their technical cost and their risk profile, and can use this to get better premiums and conditions from insurers. In other words, investing in preventative measures pays off.”
If you still have questions resulting from this press release, our Head of Business Communications, Kobe Verheyen, will be happy to help you:
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