WorkCover WA has announced a recommended 4.7% decrease in the premium rate for compulsory workers’ compensation insurance in Western Australia. The average premium rate would reduce to 1.483% of 2015/16 total wages and is a record low. Reductions are based on actuarial calculations reflecting lower claims despite these claims costing more.
WorkCover WA Recommends Change – The Chief Executive Officer of WorkCover WA, Ms Michelle Reynolds announced on Friday the 10th April 2015 that as a result of lower claims, despite these claims costing more, and in context of the economic environment, the premium rate should decrease to a Western Australian record low. The scheme’s independent actuary Price Waterhouse Coopers (PWC) provided support for the move and this is expected to lower premiums
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Source: WorkCover WA
Title: WorkCover WA announces Recommended Premium Rates for 2015/16
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