Workers’ Comp Crisis Highlights ABILITY GROUP’s Role

Workers’ Comp Crisis Highlights ABILITY GROUP’s Role

The latest icare annual report reveals a chilling reality: New South Wales’ workers’ compensation scheme is facing a $3.2B underwriting loss, representing a significant deterioration from the prior year’s $2.81B loss. Driving this result is a 20% surge in psychological injury claims, which have doubled since 2022. These aren’t minor issues; they’re severe, long-duration cases rooted in bullying, harassment, and workplace stress. This downward spiral isn’t just a financial headline; it highlights how ill-equipped many organisations are to proactively manage complex claims, particularly those involving psychological issues.

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Fraud Crackdown

Fraud Crackdown

Regulators are stepping up efforts to combat workers’ compensation fraud to safeguard the integrity of insurance schemes. Fraudulent claims drain resources from genuinely injured workers, inflate business premiums, and burden insurers. ABILITY GROUP underscores the importance of this campaign for both employers and workers.

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Preventing Psychosocial Party Hangovers

Preventing Psychosocial Party Hangovers

With holiday celebrations around the corner, it’s smart for businesses to take proactive steps to avoid turning a festive gathering into a workplace incident and potential legal headache. It’s important for businesses to take precautions before work Christmas parties, as while these events are meant to celebrate and boost morale, they can create legal, safety, and reputational risks. Here are actionable tips on Preventing Psychosocial Party Hangovers!

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NSW Late Payment Fee Change

NSW Late Payment Fee Change

Important Update: Changes to Late Payment Fee Waiver Process for Workers Compensation Policies. In line with recent regulatory updates, ABILITY GROUP is advising all employers and brokers of a significant change to the process for requesting late payment fee waivers and write-offs for Workers Compensation policies in NSW.

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Why Workers Compensation Premiums Increase

Why Workers Compensation Premiums Increase

Each Australian States & Territory have different workers’ compensation legislation & consequently, the method (or formula) used to calculate a workers’ compensation premium. Workers’ compensation insurance premiums are typically based on the business industry, annual wages & a range of other factors that could include claims frequency/costs, underwriting decisions, and various adjustments. The reason why a workers’ compensation premium increases, therefore, depends on a variety of factors.

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