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.
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.
The NSW Government has introduced major reforms to the Workers Compensation Scheme, reshaping how employers, brokers, and workers engage with icare. These changes are designed to improve sustainability, streamline processes, and enhance support for injured workers
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.
At ABILITY GROUP, we are proud to showcase the outstanding results of our specialist workplace rehabilitation provider, Health Ability, which has achieved a 100% Return-to-Work (RTW) rate. This milestone demonstrates the effectiveness of timely, tailored rehabilitation services in helping injured employees recover and reintegrate into the workplace
In 2015/16, many employers faced sharp increases in premiums due to prior year adjustments and a new renewal formula. For businesses with tariff premiums above $30,000, the impact was substantial, creating financial strain at the most critical time of year.
