Insurance Premium Reductions – Followup #3

WorkCover NSW has now published the full 2013-2014 Insurance Premiums Order (IPO). Other than the reductions made for most tariff rates, WorkCover has not made any further changes to other rates from last year, including the initial ICCRs (Industry Claims Cost Ratios).

This means that for all employers who are classified under one of the reduced rates, there will be genuine savings made on renewal premiums, subject to fluctuations in wages and claims costs.

However, it is important to note that WorkCover has not yet published the hindsight ICCRs which will be used to calculate the 2013-2014 adjustment premiums at the end of your policy period. If they decide to decrease the ICCRs, it could potentially see some of the initial savings on renewal premiums claimed back on adjustment.

If you have any questions about your workers compensation premiums, please contact Caleb Kleinig on 02 8745 2020.