icare insights — Claims volumes

Throughout the year, we will provide updates on key measures and data used by icare to monitor the operation of the Nominal Insurer Scheme. This first insight is from the latest quarterly report provided by our independent actuaries, Finity.

NSW workers insurance claims volumes remain steady over three years

Latest in-depth analysis of NSW workers insurance claims data has found claims have remained steady for three years to June 2018.

Around 15,000 claims were lodged per quarter between June 2015 – June 2018 as revealed by the Finity Quarterly Monitoring report that covers until the end of 2018.

The Finity report states that while the 2018 quarters show an initial increase in claims numbers (see Figure 1), this is the result of notification only claims (i.e. claims with no time away from work) being included in the data from September 2017 onwards. The report states that subsequent removal of notifications from the data means reported claim numbers ‘will remain broadly consistent with 2017 levels allowing for real wages growth’.

The report notes that this is a relatively stable result allowing for the growth in insurance exposure over the same period.

2018 quarters show an initial increase in claims numbers, the result of notification only claims (i.e. claims with no time away from work) being included in the data from September 2017 onwards. The subsequent removal of notifications from the data means reported claim numbers ‘will remain broadly consistent with 2017 levels allowing for real wages growth.

Figure 1: Total claims reports