The premium rates for the Nominal Insurer workers compensation scheme will increase by an average of 8% for the 2023-24 financial year.
This means premium rates for 2023-24 will increase from 1.48% of wages to 1.60% of wages.
Loss Prevention and Recovery (LPR) customers will also see an 8% average increase in the LPR claims adjustment factors.
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 last 5 years. For 2023-24, some businesses will see an increase less than the scheme average of 8%, and some will be greater.
icare takes seriously its duty to provide a fair, affordable, and sustainable workers compensation scheme, and is conscious that its filings must comply with the State Insurance Regulatory Authority (SIRA) Market Practice and Premium Guidelines.
The average 8% increase for 2023-24 was not rejected by SIRA.
Further details on the premium rates for 2023-24 are available in the Frequently Asked Questions below, and there is further information for both small and large employers on how your premium is calculated.