icare NSW workers insurance premium update for 2021/22

Insurance and Care (icare) NSW has advised that businesses in NSW have now started to receive their workers insurance premium notices for the 2021/22 policy year.

The NSW State Insurance Regulatory Authority (SIRA) has not rejected icare’s premium rate filing for policy year 2021/22 and in the first increase to average premiums since 2014, the average premium rate has been increased from 1.4 per cent to 1.44 per cent of wages, reflecting a 2.9 per cent scheme increase.

Loss Prevention and Recovery (LPR) customers will also see a 5 per cent increase in the LPR claims adjustment factors, maintaining consistency of icare’s pricing strategy across all products.

icare has also advised that every industry has its own inherent level of risk so icare applies a premium rate based on the safety performance of each industry over the most recent past. This year, half of all businesses will not see an increase in their industry classification rate. This also means that some individual businesses will have a premium increase greater than the scheme average.

You can access more information about the premium updates on the icare website.