Workers Compensation reform package for NSW may eventually reduce premiums

WorkCover NSW announced that a third of their annual surplus will be returned to businesses and two thirds to injured workers.

‘Businesses that perform well in terms of good safety systems, low injury claims costs and good return to work rates can expect a discount off their premiums by between 5 and 20 per cent (7.5 per cent for small employers).’ (Work Cover Wrap, 19 Oct, 2015).

Additional changes in risk management and reporting will occur for medium to large businesses. There are other overarching reforms including the formation of three separate agencies into which all existing agencies will fall:

• Insurance & Care NSW (icare)
• State Insurance Regulatory Authority (SIRA)
• SafeWork NSW