icare workers insurance premium changes

icare has made some changes to workers insurance premiums for the 2019-20 policy year. The changes have been made to reflect the most recent performance of the scheme and to help keep it sustainable into the future.

One of the key changes is to safety incentives, there have also been changes to the Loss Prevention and Recovery (LPR) factors and industry classification rates. The claims RTWI is no longer applied to small employers’ claims, however they will still retain their Employer Safety Incentive.

Over the past 24 months icare has consolidated claims management from five scheme agents to predominantly one. The aligning of these claims may have had a small one-off impact to the claims cost used to calculate experience-rated employer premiums. To make allowances the SPM has been increased to 4.3 per cent. Increasing the SPM reduces any adverse premium impact resulting from the claims consolidation process.

The rates for employers with a policy for less than 36 months are as follows:

24 to < 36 months – 3.32 per cent
12 to < 24 months – 2.42 per cent
< 12 months – 0.00 per cent

There has been the following change in LPR rates for the 2019-20 policy year:

Adjustment point Large claim limit and adjustment factors
$350,000 $500,000
24 months 2.61 2.49
36 months 2.24 2.11
48 months 2.24 2.11

Find out what’s changed for the new policy year on the icare website.