Executive Summary
- icare premium increase will be in the 2024-2025 financial year
- The finanical impacts on operators are unsustainable
- The increase is average 8% across the scheme
Overview by AEI Transport Insurance Brokers
The industry is facing significant financial pressures in relation to Workers Compensations as the NSW icare premiums increase.
Insurance and Care NSW (icare) confirmed the average rate of workers compensation premiums in NSW will increase by an average rate of 8% across the scheme in the 2024-2025 financial year. Within this scheme; 12% of rates didn’t change, 44% increased above 8% and 44% were below 8%.
In the renewal packs sent to policyholders, wage estimates automatically indexed by 4.9% this year. The minimum premium is now $225.
From 19th of June 2024, payment of premiums can only be processed via BPay and the icare website, no longer over the phone or by cheque.
The 2024/25 WIC rates have been released and those specifically aligned to Transport and Logistics are highlighted below with their respective increases.
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