Premium Predictability for NSW Businesses
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.
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Premium Increases Are Coming
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?
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Navigating 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
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NSW Premium Incentives Summary
Psychological & Medical Payments Rise
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.
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Overdue Premium Adjustments
For all NSW workers compensation policy holders with a 30 June 2018 Renewal date, the deadline to submit Declaration of Actual Wages was 31 October 2018. If you have missed this date, your submission is now overdue. icare has advised that the policy adjustment process will soon commence for those submitted before this date.