The Independent Fixed Base Operators Association (IFBOA) and QBE Aviation of QBE Holdings (QBE) announced the IFBOA Workers Compensation Safety Group Program’s inaugural year, 2011, has closed with a final Good Experience Return (GER) of 27.5 percent.
The Program allows for five years of loss development before making the final calculation of a Program Year’s GER. While the program years 2012-2015, continue to develop, those years look to be on track for over 20 percent returns.
“We are delighted by the 2011 results,” stated Tim Obitts, IFBOA’s executive director. “The centerpiece of our program is the belief that safety performance should be rewarded by substantial savings. Clearly, a 2011 GER of 27.5 percent demonstrates the IFBOA membership’s ongoing commitment to operating businesses that place safety as their highest responsibility.”
“IFBOA’s 2011 final calculation quantifies the true value proposition of the IFBOA Workers Compensation Safety Group Program,” stated QBE’s Senior Vice President/Head of Aviation Steve Allen. “QBE and IFBOA are celebrating a wonderful milestone with the closing of the first Program Year. The 2011 result is phenomenal and bodes well for the years following, which appear to be performing equally well. QBE appreciates the opportunity to reward the participants of this Program for operating safely and giving back 27.5 percent of their premium goes a long way in continuing to promote safety in aviation work environments.”
