Connecting you to your cover

The icare Workers Insurance policy hub connects you with information and updates to help you get the best out of your Workers Insurance policy.

You Asked

Welcome to You Asked, a regular column where we’ll provide answers to your burning questions about all things policy and premium. This week you asked…

I paid my premium in full up front. Why didn’t I receive the 5% discount?

The minimum premium you can pay for workers insurance in NSW is $175. Once your premium reaches this amount no further discounts can be applied.

I'm a small employer. Why haven't I received my renewal documentation yet?

If you are a small employer you will now receive your renewal pack towards the middle of the month.

If you pay your premium in full up front, your payment due date will not be impacted. It will still be 30 days from the date your renewal was issued.

When will my 2017/18 Hindsight Adjustment be processed?

icare will begin processing 2017/18 Hindsight Adjustments once we have received the Scheme valuation and can determine whether a performance discount will be available to our customers. This way, our customers will only receive one transaction towards the end of this calendar year.

If you require your 2017/18 Hindsight Adjustment processed urgently please submit your completed Actual Wage Declaration Form (PDF, 02.MB) by emailing: underwriting.operations@icare.nsw.gov.au.

How is the Adaptive Maximum Premium applied?

icare introduced an Adaptive Maximum Premium (AMP) as part of the formula used in calculating 2018/2019 premiums. It is applied when calculating premiums for employers who have consistently been high risk employers. The important thing to remember about the AMP is that it will only start to be applied once you have more than one year of paying the maximum premium. With the introduction of premium capping, this means, if you are currently an average risk employer, the AMP is less likely to be applied until you have had a number of years of high claims costs.

2018-19 Premium Changes 

icare is committed to putting our customers’ needs at the heart of everything we do. With this in mind, we’ve made some updates to our premium model to provide employers with greater stability and make things simpler.

    2018 to 2019 Premium Updates

  • Catastrophic claims contribution

    Fatality claims will no longer be included in the claims experience for your premium. However, your business will be required to pay a one-off contribution amount if a claim is made in relation to a workplace incident or injury if it results in the death of your worker.

    The contribution is based on a percentage of your Average Performance Premium (APP) and is capped at a $1,000 minimum and a $250,000 maximum.

    The contribution does not apply to uninsured employers with an Uninsured Liability Insurance Scheme (ULIS) claim, Loss, Prevention and Recovery (LPR) employers and exempt employers. 

  • Cap on experience premium changes

    There will be a 30% cap on experience premium changes for employers.

    The cap is only applied if the increase or decrease results from a change in your claims experience, or due to amendments in the premium methodology.

    If you qualify for capping, this has been automatically applied to your premium.

  • Adaptive maximum premium component

    In 2018/19 an adaptive maximum premium component has been introduced which will be applied to employers who have consistently high claims costs year-on-year.

    Employers that have had a claims performance rate (CPR) of 400% and above for more than one year will have an increased claims performance adjustment (CPA) rate.

  • Changes to the Mine Safety Levy (MSL)
    The MSL for 2018/19 has increased to 1.0879% from 0.917%.
  • Changes to the Dust Diseases Levy (DDL)
    The rates for the DDL schedules have stayed the same, however ten WIC’s have moved down a schedule and nine have moved up a schedule.
  • Late Payment Fee - Prescribed Rate
    The Late Payment Fee rate for 2018/19 has increased to 0.808% from 0.779% per month, compounded monthly.

icare Aware Awards

Recognising employers who promote a strong safety culture in the workplace.

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Upcoming Events

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icare Community Engagement Event

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Wednesday, 31 October 2018

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Katoomba

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Thursday,15 November 2018 

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icare Community Engagement Event

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Wednesday, 28 November 2018

7:30am to 9:15am (AEDT)

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Injury prevention and management

We reward safe employers with lower premiums. 

Contact the team at prevent@icare.nsw.gov.au to find out how icare can help your business reduce workplace injuries and in turn, reduce your premiums.

We also understand how important it is to NSW employers to get their people back to work quickly and safely when an injury does occur.

icare’s Injury Management Program provides important information about how icare and its partners will work with employers to achieve this. It reflects icare’s new claims model, outlining the support available and what steps will be taken to help injured workers achieve a safe recovery at work, or manage their ongoing care and support if they’re not able to return to work in the short or long term. This information will assist you with developing a return to work program suitable for your business.


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