KEY TAKEAWAYS FROM FY21: Q4?
All States (except for QLD) have applied premium increases to workers’ compensation schemes. The highest year-on-year impact is within NSW, with increases of 1.40% – 1.44% of wages. Find out more here about the changes to workers’ compensation premiums for individual States and Territories. As always, our dedicated Honan Workplace Risk team is mobilised to provide innovative, cost-effective solutions to all clients, and to assist them in achieving premium savings wherever possible.
KEY MILESTONES / CONSIDERATIONS FOR CLIENTS FOR THE NEW QUARTER (FY22-Q1):
From 1 July 2021, eligible Victorian workers and volunteers who suffer a work-related mental injury will be able to access ‘reasonable treatment’ and services for up to 13 weeks while their claim for compensation is being determined, regardless of the outcome of their claim. More information about these provisional payments is available from WorkSafe Victoria.
ANY INDUSTRY TRENDS YOU CAN SEE ARISING IN FY22?
The liability complexities associated with working from home and work-related mental injury claims continue to challenge the insurance market. This, coupled with the mismanagement of accepted claims has resulted in increased premium for clients.
At Honan, we have identified a gradual increase in the prevalence of liability exposures and subsequent claims activity. With this in mind, we are working with our clients on critical injury and illness prevention initiatives. For example, for clients that we identify as having a high risk of claims, we partner with rehabilitation experts to provide physical and mental health webinars and ergonomic assessments.
We encourage clients to adopt a proactive approach in the management of potential injury and illness. This includes empowering management teams to identify potential injuries and register concerns with Honan as early as possible.
Discover more market updates from this edition of HoneIn.