iCare have recently released their Work Industry Classification (WIC) rates for the 2021/2022 Policy year in preparation for the busiest period for renewal of Policies, the end of the financial year.
Many employers will see an increase in Premium as the average premium rate has been raised from 1.4 per cent to 1.44 per cent of wages.
For Loss Prevention and Recovery (LPR) clients there will also be an increase of 5% in their claim adjustment factors.
As per prior years, iCare have assessed industry rates against the safety performance and level of risk associated with each industry which has led to an increase in some industry rates.
Please see the below link to the iCare website for more information on the industry rates for the 2021/2022
Please contact us at ABILITY GROUP for any assistance you may require with relation to the Renewal or Adjustment of Policies, completion and submission of Declaration of Wages Forms or any queries regarding Work Industry Classification and rates.
Title: WICs and premium rates
Source: iCare NSW
Read time: Source: 5mins