And Then There Was One.

Change is happening in the Workers Compensation System and it’s big.

We previously reported that two insurers CGU & QBE will no longer be involved with the Workers Compensation system come July this year ( finishing in December as a staggered departure).

It appears that the changes will be greater than just the removal of these two players though.

According to industry rags, iCare is looking at giving all new claims to just one insurer, EML, after 2018. That means any worker injured after 2018 will be handed over to EML as the only claims manager within the system. It is worth noting that EML has had the least number of complaints about their service amongst all five over the last Wiro statistical year so that might be a positive sign but it also had the smallest market share out of all five.

This move seems to be confirmed by WIRO with information sessions being held throughout NSW to explain the move (the one in Sydney is 5 June).

I presume that if your existing claim is with any of the other four, it will stay with them till iCare decide to do something else.

Along with this is the internalisation of workers compensation premiums with iCare, meaning all employers will be using iCare directly and not an insurer to pay into the system.

What does this mean for the ongoing health of injured workers?

I suppose we will find out.