Circular – Workers Compensation Premium Reductions

6 May 2013
The NSW Government has announced average workers compensation premium reductions of 7.5%and other changes affecting small business for the premium year commencing 30 June 2013.
The premium reductions will occur in those industries which have experienced improved safety performance.
The small business changes are consistant with calls by NSWBC for the reform processes to go beyond those matters considered by last years’ Joint Select Parliamentary Committee on the WorkCover Scheme and to include changes to the premium system, particularly for smaller businesses

Summer catastrophes cost almost $1 billion

6 March 2013
Insured losses relating to this summer’s catastrophes stand at $942.1 million, according to the latest figures from the Insurance Council of Australia.
Some 91,128 claims have been made, with insurers paying an average of $5.22 million per working day.
The Queensland storms and flooding have caused $742 million in insured losses and 70,693 claims, with insurers paying $2.24 million each working day. This is a rise on figures released last month that put the cost at $661.3 million, with 59,010 claims.
NSW storms and flooding led to $101 million in losses and 17,150 claims, with $1.76 million paid each working day – up from $71.8 million and 10,183 claims reported last month.
The Tasmanian bushfires led to $87.1 million in insured losses and 1785 claims, with $1.22 million paid each working day. These figures are steady from the most recent update.
The NSW bushfires at Coonabarabran caused $12 million in losses and 1500 claims, showing no change from last month’s figures.