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Workers Compensation – The Myths and the Reality
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As the landscape of Workers Compensation (WC) undergoes significant shifts, staying ahead of the curve is crucial for labour hire professionals.

Recent increases and scheme changes highlight the importance of seeking specialist insurance advice, particularly with significant impacts in NSW. Icare's announcement of an 8% average rate increase, varying across industries, necessitates a closer understanding of complex new ratings and processes. In Victoria, a rate hike to 1.8% accompanies WorkCover reforms, including a new agency and altered eligibility criteria for mental health claims. The rise in rates, after 20 years, aims to secure funding for long-term claims. Queensland responds to mental health challenges with a rate increase to $1.29, while Western Australia sees a general increase to 1.85%, significantly higher for specific industries. Limited insurer choices in certain regions, such as WA, ACT, TAS, and NT, highlight the need for strategic risk management, as premium rates depend on estimated wages, claims performance, and industry specifics.

Presenters

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Victoria Watts, Jayde McDonald, Robin Shepherd CAE.
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Wednesday, 27 March 2024
Duration: 60 minutes Minutes
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EventCode
WEBPW27324
VimeoID
927830647
VideoTitle
Workers Compensation – The Myths and the Reality
VideoSeries
RCSA Member Resource
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iMIS Id
59195
Member Type
INM
Status
SO
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