Premium rates for policy year 2021/22 will increase from 1.4 per cent of wages to 1.44 per cent of wages. This results in an average 2.9 per cent increase across the scheme and is the first increase in rates since 2014. NSW premiums continue to remain below the national average.
Loss Prevention and Recovery (LPR) customers will also see a 5 per cent 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 State Insurance Regulatory Authority (SIRA) is supportive of our pricing strategy, which includes modest increases over the medium term and have not rejected our policy year 2021/22 premium filing.