Workers’ compensation in New South Wales (NSW) has traditionally focused on physical injuries. However, psychological injury claims have doubled in the past six years, reflecting greater awareness of mental health and workplace stress. This has led to a sharp increase in medical and psychological payments, placing pressure on the NSW Nominal Insurer (icare) and the businesses that fund the scheme.
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Overdue premium adjustments are a critical issue for businesses, as they directly affect compliance, cash flow, and client trust. Employers and policyholders must understand how insurance premium adjustments work, why delays occur, and how to manage them effectively to avoid financial and legal risks.
Overdue premium adjustments are more than just an administrative inconvenience, they represent a serious financial and compliance risk. By proactively managing insurance data, maintaining communication with insurers, and seeking expert guidance, businesses can protect themselves from costly consequences.
Please download the Declaration of Actual wages form from icare here.
For assistance contact ABILITY GROUP.
ABILITY GROUP recently achieved a landmark outcome for a client, saving them $400,000 in premium costs through a meticulous claim review and arbitration process.
When engaged, ABILITY GROUP immediately escalated the claim to senior insurer levels, recognising its potential impact. Ahead of arbitration, the team pressed for additional evidence and secured a delay in settlement. This proactive approach allowed time to develop a clear, achievable strategy in collaboration with solicitors and the client.
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The New South Wales (NSW) Government has introduced significant reforms to the workers’ compensation system through iCare. These changes aim to strengthen financial sustainability, improve support for injured workers, and align compensation with modern workplace realities.
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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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In the last 12 months, the NSW workers compensation industry has experienced dramatic change. As we approach 30 June 2016, it should be relieving for businesses to know that for there are no changes for workers compensation WorkCover Industry Classification (WIC) rates. As 2016/17 rates for NSW Workers Compensation apply to all renewals that fall due at 4pm on 30th June 2016, businesses and brokers will now be receiving renewal notices for these policies without fear of rate driven increases.
For large employers, icare however announced changes to the Retro Paid Loss (RPL) model by introducing Loss Prevention & Recovery (LPR) scheme as the replacement. LPR is progressively moving closer to providing pricing similar to that of insurers in privately underwritten schemes. This is an important change for large business.
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