The New South Wales (NSW) Claims Model has recently undergone significant changes, reshaping the way claims are managed and processed. At ABILITY GROUP, we understand that these updates can feel complex for both clients and injured workers. Our goal is to provide clarity, guidance, and support during this transition, ensuring businesses remain compliant while workers receive the assistance they need.
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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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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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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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In August 2016, our Significant NSW icare Changes article outlined the latest NSW workers compensation changes taking effect in 2017. icare (previously WorkCover NSW) will directly administer policy and billing for the NSW workers compensation scheme. Details since the original announcement have been sparse however we understand NSW businesses will be able to use either an online portal, icare Customer Support Centre or Service NSW to provide wage declarations, make premium related payments and related matters. Many businesses are concerned with the service they will receive following the change, however we see these changes as exciting. At ABILITY GROUP will continue to actively support our clients and brokers with personalise and responsive service.
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