Last week the NSW government issued a direction to Insurance and Care NSW (icare) to limit the average premium rate increase for NSW workers’ compensation to 2.9 per cent, ensuring predictability and stability for businesses.
This will see the average premium rate increased from 1.44 per cent of wages to 1.48 per cent for the policy year 2022-23, in line with rate increases in the last policy year and remaining below the national average.
This direction is reflected in icare’s premium filing issued to the State Insurance Regulatory Authority (SIRA).
The NSW government’s direction followed consideration of pricing options developed by icare, the state’s public insurer and manager of the $20 billion of assets under the NSW Nominal Insurer (NI) that provides coverage for 330,000 NSW employers.
The icare premium filing will be considered by SIRA in the coming weeks.