by Admin | Jun 24, 2016 | Management Consulting, Premium, Reforms, Workers Compensation
In the last 12 months, the NSW workers compensation industry has experienced dramatic change. As we approach 30 June 2016, it should be relieving for businesses to know that for there are no changes for workers compensation WorkCover Industry Classification (WIC) rates. As 2016/17 rates for NSW Workers Compensation apply to all renewals that fall due at 4pm on 30th June 2016, businesses and brokers will now be receiving renewal notices for these policies without fear of rate driven increases.
For large employers, icare however announced changes to the Retro Paid Loss (RPL) model by introducing Loss Prevention & Recovery (LPR) scheme as the replacement. LPR is progressively moving closer to providing pricing similar to that of insurers in privately underwritten schemes. This is an important change for large business.
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by Admin | Aug 24, 2015 | Appeal, Premium, Success Story, Workers Compensation
Unofficial industry views indicate the recent NSW workers compensation legislation and premium formula changes resulted in 75% of medium to large businesses expecting higher 2015/16 Renewal Premiums. ABILITY GROUP has already won NSW WorkCover appeals on behalf of our clients reducing premiums payable. Higher renewal & need help?
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by Admin | May 21, 2015 | Workers Compensation
In January we communicated Upcoming NSW Workers Compensation Changes and how these were likely to impact medium to large NSW businesses. On 18th May 2015, Vivek Bhatia (CEO of WorkCover NSW) confirmed these changes and ABILITY GROUP believe they represent the most dramatic changes in 20+ years. So what are the changes?
From 30 June 2015 onwards, the premium calculation for businesses with a NSW premium > $30,000 (i.e. medium and large businesses) change completely. In short the new premium formula is intended to reward businesses with fewer claims and a strong return to work performance. Businesses however that struggle with claims are expected to be penalised. The sweeping changes also impact what is included in premium claims costs, the view of industry, size, etc.
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by Admin | Mar 30, 2015 | Claim costs, Management Consulting, Workers Compensation
One thing that was certain in our minds leading into the NSW State Election was that whichever party was elected there would be resulting significant workers compensation changes. To put this in context, SA has undergone the largest changes in over 20 years. Comcare, the national scheme, faces widespread change to modernise and keep relevant. NSW has experienced dramatic change and with the return of the Liberal government the medium to large business changes are now almost certain. Similar to SA and when implemented in NSW, the changes will be the most significant seen in over 20 years. With privatisation front of the Baird government’s mind, debate has resurfaced as to if the recently sighted NSW WorkCover Insurance logo is an indication of a planned move to privatise the NSW scheme.
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by Admin | Jan 28, 2015 | Workers Compensation
At the end of 2014 WorkCover NSW provided their Report Card on the numerous changes made during the last 12-18 months for small businesses. As these changes have driven such positive outcomes across the 260,000 small business employers in the NSW scheme, WorkCover NSW recently announced similar changes for medium to large businesses following the 2015 NSW state election.
The important changes for medium to large NSW businesses adopt the key principles of delivering easy to understand premiums, providing safer workplaces, improving return to work, recovery at work for injured workers, reducing red tape and delivering sustainability plus certainty. To understand more about these important proposed changes read more…
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