icare proposes NSW Workers Compensation premium rate increases
NSW Workers Compensation insurer (icare) has advised an expected premium increase of 2.9% at a Scheme level for 2021-2022, and a further 2.9% increase for 2022-2023. For employers within the Loss Prevention & Recovery (LPR) scheme, it is anticipated that there will be a 5% increase to the adjustment rates for 2021-2022, and that the ESI will remain and at 7.5%.
Please see icare’s media release with further information below:
Please note that whilst this has only been proposed to the Insurance Regulator (SIRA), we expect that it will be approved and if so, may result in a premium increase to you. We will keep you informed of developments however should you have any immediate concerns please do not hesitate to contact your account manager or the office on (02) 9587 3500, or email us at email@example.com