Workers compensation premium rates for policy year 2022-23 will increase from 1.44 per cent of wages to 1.48 per cent of wages. This results in an average 2.9 per cent increase across the scheme.
Loss Prevention and Recovery (LPR) customers will also see a 2.9 per cent average increase in the LPR claims adjustment factors, maintaining consistency of icare's pricing strategy across all products.
Every industry has its own inherent level of risk so icare applies a premium rate based on the safety performance of each industry over the most recent past. This year, half of all businesses will not see an increase in their industry classification rate. This also means that some individual businesses will have a premium increase greater than the scheme average.
The average 2.9 per cent increase was not rejected by the State Insurance Regulatory Authority (SIRA) and is the same premium rate rise that was announced in early 2021 for the 2021-22 financial year.
icare takes seriously its duty to provide a fair, affordable and sustainable workers compensation scheme, and is conscious that its filings must comply with SIRA’s Market Practice and Premium Guidelines (MPPGs).