After ten years, WorkCover Queensland still offers one of the lowest premium rates in Australia
27 June 2022
WorkCover Queensland has offered one of the lowest average premium rates for workers’ compensation insurance in Australia since 2013, providing excellent value for our customers and supporting more than 90% of workers back to work safely.
However challenging economic times and increasing claims costs are putting pressure on premium rates.
For the financial year 2022-2023, the average net premium rate will move to $1.23 per $100 of wages (after discounts).
WorkCover CEO, Bruce Watson said, “While this is the first premium increase since 2012-2013, we still offer one of the lowest premium rates in the country.
“Like many other health and insurance organisations, we are experiencing the pressure of rising claim costs.
“Our strong financial position has allowed us to subsidise premium rates for Queensland business by $1.2 billion over the past six years. To not take any action this year on premium rates would be irresponsible and could risk the quality of services delivered.”
WorkCover has supported Queensland business and workers through droughts, bushfires, floods and the COVID-19 pandemic and will continue to support them in the future.
The premium rate applied to individual employers is dependent on their wages, their claims performance and that of their industry. The 2022-2023 WorkCover Industry Classifications were gazetted on Friday 24 June 2022.
Employers can influence their individual premium rate by:
- improving their safety culture and reducing workplace injuries. The lower an employer’s claims costs, the lower their premium
- supporting a worker’s return to work. The faster a worker gets back to work doing suitable duties, the lower the claims costs and impact on premium
- taking advantage of our early payment discount.
“We are committed to working together with our customers and stakeholders to ensure the long-term financial sustainability of the workers’ compensation scheme for all Queensland policyholders,” said Mr Watson.
More information is available on how premium is calculated, what employers can do to reduce their premium and payment options.