A NSW Parliamentary review of Workers Compensation Scheme has been released providing recommendations to improve the NSW scheme. The report revealed the scheme is $1.87B in surplus, claims have reduced materially (110,000 in 2011/12 to 60,000 in 2015/16).
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With market speculation now confirmed, CGU will exit the NSW workers compensation scheme when its agency agreement with icare ends in late 2017. As noted in our February 2017 Update, expectations were that the five current agents (Allianz, CGU, EML, GIO, and QBE) would reduce to three in 2018. CGU’s withdrawal raises the question of whether icare will be content with four agents holding roughly 45% market share, or if they will still pursue consolidation to three.
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ICare has recently announced significant changes to the way premium, credit, and payment functions will be managed. These updates mark a shift from insurers to iCare directly, with a phased approach designed to ensure a smooth transition for businesses across New South Wales.
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Recently we have been involved with an increased number of fall related incidents. The injuries sustained, & the resulting workers compensation claims, can often be complex & costly. In addition to claim related costs, employers also face material fines for unsafe work sites.
After providing advice and support recently to various clients with workers having sustained injuries (5 metre + 10 metre falls to concrete and an employee falling down fire escape), we wanted to provide greater insights into fall related incidents.
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Like other audits, a workers compensation wage audit can be very stressful & confronting. Businesses face having to pay higher unpaid premiums, late payment fees & the actual audit costs. We assist businesses of all sizes either pre or post wage audits reduce their financial exposure.
iCare and its scheme agents have legal rights to audit employer’s records to ensure they are paying the correct premium.
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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 announced significant NSW icare changes taking effect in April 2017. This marks the largest shift in NSW workers compensation, with icare (formerly WorkCover NSW) assuming direct responsibility for premium processing, payments, credits, and related matters. While the full impact remains to be seen, we hope clients continue to receive the support they expect, and we remain confident in providing ongoing comfort and assistance to both clients and brokers.
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