2016 saw significant change across workers compensation and in NSW in particular. 2017 looking ahead is already looking similar with a significant industry change taking effect in April’17 and a key announcement regarding insurers expected in May.
In August 2016 we communicated the Significant NSW icare Changes that will take affect in April 2017. This is probably the biggest ever NSW change workers compensation change with the NSW Government’s icare (previously known as WorkCover NSW) taking direct responsibility for NSW workers compensation premium processing, payments, credit and related matters. The impacts of these changes are yet to be seen and we continue to watch this space. Based on our discussions with icare it is our hope clients continue to receive the support they are used to and we remain confident that our clients and brokers will have comfort in our support.
2017 Looking Ahead – The other significant 2017 change will be the highly anticipated announcement of the 2018 NSW workers compensation Agents (insurers). In November 2014, we communicated NSW Workers Compensation 2015 Agents that saw both Xchanging & Gallagher Bassett lose their NSW licences. The current industry speculation is that icare will move to streamline the number of agents (insurers) that process claims. This thinking is aligned to the ongoing reforms and the reduction in overall claim volumes. Many are expecting the current 5 insurers (Allianz, CGU, EML, GIO & QBE) to be reduced to 3. Although this is not confirmed there is also talk of a new entrant into the NSW scheme.
We will continue to monitor this closely and keep you informed.
Should you wish to discuss, please contact us.