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 of 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
Contact us to assist
Read more…
Source: WorkCover WA
Title: WorkCover WA announces Recommended Premium Rates for 2015/16
Read Time: 1 Minute