As announced by NSW Treasurer Dominic Perrottet, workers insurance premium rate changes are on hold to help NSW businesses deal with the impacts of COVID-19 and to boost employment as we commence our recovery from the pandemic.
This comes despite recommendations to increase premium rates following a collaborative review of the workers insurance premium model by icare and the Joint Premium and Prudential Oversight Committee (JPPOC), which includes the State Insurance Regulatory Authority (SIRA) and independent actuaries, over the past 12 months.
“Despite economic pressures on the scheme, we understand the difficulties our customers are facing during COVID-19 and the importance of helping them get back on their feet and getting the people of NSW back into jobs. That’s why we’re maintaining premiums at 1.40 per cent of average base wages, the same as they’ve been since 2014,” said icare CEO John Nagle.
“We work hard to keep premiums as low as possible for NSW businesses, and despite the recent volatile economic conditions which have impacted our investment returns and our funding ratio, we have the financial strength of $38 billion in investments to absorb the initial impacts and rebalance the funding gradually in coming years as the economy recovers,” he added.
With a large proportion of policy renewals going out over the coming weeks, employers can expect their premium notices to show that their premium rates remain unchanged.
Read our Premium updates page to find out more.;