by ABILITY GROUP | Jun 5, 2023 | Premium, Workers Compensation
Across Australia, workers compensation premiums are increasing. In NSW, icare communicated premium increases with an average of 8% over the next 3 years. In Victoria, WorkCover has set the average premium rate for 2023/24 at 1.8%. ReturnToWork SA has increased the average premium rate by 2.8% to 1.85%. With increasing costs & wages, workers compensation premiums will continue to increase, meaning it will be increasingly important for businesses to actively manage workplace injuries, claims & worker compensation-related aspects.
(more…)
by ABILITY GROUP | Apr 25, 2022 | Premium, Workers Compensation
The NSW Government has instructed icare to limit the average premium rate increase for NSW workers compensation to 2.9 per cent, ensuring predictability and stability for businesses.
(more…)
by ABILITY GROUP | Mar 29, 2021 | Premium, Uncategorized, Workers Compensation
Following months of industry speculation, as many have predicted NSW workers compensation premiums will be increased from 1.4% of wages to 1.44% of total NSW wages in the 2021-22 financial year. With the icare run NSW workers compensation scheme having been in media headlines, this announcement comes as no surprise. So what does it mean for your business?
(more…)
by ABILITY GROUP | Mar 1, 2021 | Claim management, Injured Worker, Premium, Wage Audits, Workers Compensation
If you are an employer and you feel out of your depth trying to navigate through the Workers Compensation process, you are not alone
(more…)
by Marc Ring | Feb 24, 2020 | Premium, Workers Compensation
NSW workers compensation has seen significant change in the recent years & it is difficult for businesses to stay updated. Under current NSW legislation, there are numerous different incentives that can reduce workers compensation premiums. To make things easy we have summarised each incentive.
(more…)
by ABILITY GROUP | Jun 6, 2019 | Claim costs, Premium, Workers Compensation
icare have released insights on how the scheme is performing based on actuarial data. Data identifies noticeable increases in both psychological & medical related claim costs increases.
(more…)
