Recent changes announced by NSW WorkCover initially suggest further premium reductions for businesses. There are however key changes that could have the opposite effect and result in higher 2014/15 renewal premiums. By reducing Industry Cost of Claims Rate (ICCR) by an expect average of 25%, in some situations it is likely to increase workers compensation premiums as a result. The 2014-15 NSW Budget cuts to WIC Rates by an average of 5% will help offset some of the expected increases and could benefit those with better than industry performance.
Will my premium increase or decrease?
If you would like to understand how these changes will impact premium, contact us as we are here to help.