Transition To The New Premium Scheme
The majority of medium to large NSW businesses are yet to receive their 2015/16 Premium Renewals calculated under the new formula. These business are yet to therefore see the impacts the 30 June 2015 NSW scheme changes will have on their business. With the workers compensation insurers currently anticipating to commence releasing the 2015/16 premium renewals next week, we are recommending businesses should prepare for this transition.
In the short term, many businesses will be facing higher workers compensation premiums than they previously paid. We recommend businesses subsequently should shift their focus to understanding how to minimise the financial and people impacts of these changes longer term. ABILITY GROUP has been busy working with clients and brokers in preparation and for a transition plan and further information
Actively promoting workplace safety is an important ABILITY GROUP function. At times we unfortunately need to manage tragic consequences of workplace accidents. Businesses that adopt a safety first approach are making an important step towards avoiding accidents and injuries. A court recently found a leading Australian paper manufacturer liable for the death of an employee fining them $400,000. 
After identifying a client’s claim had deteriorated, we explained that the lost wages under the new workers compensation formula would result in material increases in their next 3 premiums. After subsequently being engaged to manage the claim, our Senior Injury Management Specialist identified key strategies, including engaging specialist rehabilitation support which returned the injured worker 4 weeks ahead of schedule.
On 1 September 2015, the regulatory and insurance functions of WorkCover NSW are assumed by 3 new discrete organisations. State Insurance Regulatory Authority (SIRA) for workers compensation regulation, SafeWork NSW for work health and safety regulation and Insurance and Care NSW (icare) for workers compensation insurance. Following the 30 June 2015 scheme changes, these new changes are aligned with making the NSW Workers Compensation scheme more commercially focused and aligned with needs.
Unofficial industry views indicate the recent NSW workers compensation legislation and premium formula changes resulted in 75% of medium to large businesses expecting higher 2015/16 Renewal Premiums. ABILITY GROUP has already won NSW WorkCover appeals on behalf of our clients reducing premiums payable. Higher renewal & need help?