Significant challenges defined the 2015/16 renewal period for NSW workers’ compensation premiums. ABILITY GROUP has closely monitored these developments to keep employers informed and supported through the transition.
Key Changes in Legislation
- New premium calculation formula introduced by NSW insurers
- Delays in processing due to adapting to legislative requirements
- Impact on businesses many faced may increase renewal costs compared to previous years
Current Status of Renewals
ABILITY GROUP regularly discusses renewal processing with NSW insurers and now reports:
- Insurers have now processed close to 100% of the 30 June 2015 renewals
- Only highly complex businesses remain outstanding
- Employers can expect greater stability moving forward
What This Means for Employers
- Budgeting impact: anticipate higher premiums under the new formula
- Compliance focus: prioritise workplace safety and manage claims effectively to minimise costs
- Ongoing support: ABILITY GROUP continues to provide guidance to help businesses navigate workers compensation requirements effectively
ABILITY GROUP’s Role
As specialists in workers compensation and health & safety, ABILITY GROUP actively supports employers by:
- Advocating for employers during renewal processing.
- Providing clear updates on legislative changes.
- Offering tailored advice to manage premium costs and compliance obligations.
For further reference, please refer to the previous articles on 2015/16 Renewals found here.
Source: NSW Public Service Commission
Title: 2015-2016 Public Service Commission Annual Report
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