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.
2017 Looking Ahead
The other significant 2017 change will be the highly anticipated announcement of the 2018 NSW workers compensation Agents (insurers). In November 2014, we communicated NSW Workers Compensation 2015 Agents that saw both Xchanging & Gallagher Bassett lose their NSW licences. The current industry speculation is that icare will move to streamline the number of agents (insurers) that process claims. This thinking is aligned to the ongoing reforms and the reduction in overall claim volumes. Many are expecting the current 5 insurers (Allianz, CGU, EML, GIO & QBE) to be reduced to 3. Although this is not confirmed there is also talk of a new entrant into the NSW scheme.
We will continue to monitor this closely and keep you informed.
Should you wish to discuss, please contact us.