WorkCover WA raises premiums

WorkCover WA raises premiums

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Rates for compulsory workers’ compensation insurance in WA are set for an overall increase of 4% for the next financial year.

WorkCover WA says the average recommended premium rates will be 1.704% of total wages, up from 1.638% in the current financial year.

The increase will come into effect from 4pm on June 30.

“Western Australian recommended premium rates vary from year to year depending on a range of factors, and in the context of the COVID-19 pandemic there was a small decrease in the recommended rates last year,” CEO Chris White said.

“Key drivers of the 2021/22 rate include longer claim durations and associated costs, offset by wage increases and declining claim numbers.

“The increase will ensure sufficient reserves to cover the cost of workers’ compensation claims over the coming year.”

The rates are based on independent assessment by the scheme actuary, PricewaterhouseCoopers, and take into account the number and cost of workers’ compensation claims, together with external impacts such as movements in interest rates and wages.

Click here for the full schedule of recommended premium rates.

Our open invitation to you

We invite you to touch base with us to find out more about our services and how we can partner with you.

Whether you have a question about your current insurance, need to discuss a claim or are looking for advice, give us a call on 1300 565 622.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact HDL.

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