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RESEARCH AND BRIEFINGS

Client Alert: Impact of Changes to NSW WorkCover Scheme

 


Since 30 June 2013, WorkCover NSW has reported average premium rate reductions of 15% across the scheme.

On 3 June 2014, WorkCover NSW announced an additional suite of changes aimed at further improving the scheme and reducing red tape for NSW employers. These changes come into effect for all new or renewed policies from 30 June 2014, via the release of the Insurance Premiums Order (IPO) for 2014/15.

While successive announcements by WorkCover NSW suggest across-the-board premium reductions to the workers compensation scheme in NSW, there are important changes contained in the IPO that might result in the reverse effect.

Further information about the likely impacts is outlined in our Client Alert. Clients are urged to carefully consider the announced changes alongside other factors in assessing how they might be affected.

If you have any further questions, please contact your broker or the Workforce Strategies team at Marsh.

"Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by Jardine Lloyd Thompson Pty Ltd (ABN 69 009 098 864, AFSL 226 827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.

This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request.