Five years of premium stability — and counting

Jason McLaughlin, General Manager Prevention, Products and Pricing talks about workers insurance premium stability and how being safe keeps premiums low.

Man standing with arms crossed wearing a helmet, safety glasses, a harness in a room full of ropes and helmets

icare understands how important workers insurance is to NSW businesses, and we’re committed to keeping it as affordable as possible. Thanks to a well-performing scheme and the great work NSW businesses are doing to keep their people safe, we’ve been able to offer five years of premium stability. 

This year we’re delivering premium savings of $76 million to over 280,000 NSW employers. The savings will benefit businesses in multiple industries, with a large portion going towards construction and manufacturing, industries that tend to have a greater level of risk.

It’s the third year running that icare has been able to offer this discount and over those three years we have delivered $300 million in premium discounts.This year workers insurance base average premiums again remained at 1.4 per cent of wages.

This is the fifth year in a row that premiums have been stable at this rate despite the pressures of inflation. Delivering savings means our customers can channel them into things like hiring more staff, investing in efficient technology or initiatives to keep their workers safer.

Five years of premium stability NSW Workers insurance premiums base average of 1.4 per cent of wages for the fifth year in a row and rate stability gives businesses certainty to grow. 30 per cent cap on premium increases for premiums impacted by claims. 2017 to 2018 scheme performance discount 76 million in premium savings to 283,000 businesses across NSW. Third year of premium discounts over 300 million to ssafe businesses. Improved safety record and supporting injured employees return to work faster equals lower premiums. icare programs to help you keep your people safe are Protect together (P2), icare aware award awards and icare speakers program.

While we work to keep premiums low and maintain a scheme that is as fair as possible, some businesses may still experience an increase in their premiums from time to time. 

If you experience an increase in your premium, it’s generally for one of two reasons:

  1. Your business has grown (and you’re paying more in annual wages)
  2. An increase in the number of injuries in your workplace.

To help you manage expenses and invest in improved injury prevention when this does occur, icare has maintained a 30 per cent cap on premium increases.

It’s also important to remember that when calculating your premium, icare considers factors such as the industry you operate in, the types of risks you face and your claims experience, as well as how much you pay in annual wages. Changes in any of these factors do impact your premium, which may increase due simply to your business growing.

Work with us to keep premiums low

NSW businesses can keep their premiums low by improving their safety record and supporting their injured employees return to work faster.

icare has been working directly with employers to achieve these goals. We’re doing this through our:

  • Protect Together program – partnering with businesses who need support with injury prevention and building stronger safety cultures together.
  • icare Aware Awards – recognising those who have made efforts to embed a strong safety culture across their business.
  • Paralympian Speakers Program - raising awareness of workplace safety through sharing personal stories.

Our Award winners are demonstrating great safety improvements, including considerable productivity gains and reduced injury frequency rates, some by up to 80 per cent. They’ve in turn kept their premiums up to 50 per cent below the average for their industry by making processes safer and encouraging their people to speak up when something doesn’t look safe.

At the end of the day, it comes down to doing what makes sense to keep your business growing and your people safe, and safety makes good business sense. We’re keen to partner with more businesses to help them find ways to reduce injuries and keep their premiums low.