Premium Rates 2021-2022-update

Dear Clients, Colleagues and Partners,

With June 30 fast approaching many of our clients will start to receive their workers insurance premiums.

Just a reminder that Premiums are determined by how much a business pays in annual wages 

and the industry classification 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

if their industry classification rate has changed.

Premium rates for policy year 2021/22 will increase from 1.4 per cent of wages to 1.44 per cent 

of wages. This results in an average 2.9 per cent increase across the scheme and is the first increase

in rates since 2014. NSW premiums continue to remain below the national average.

If a business has a premium that is experience rated, the amount they pay is also impacted by 

their claims performance. This may have a greater impact on the final premium payable than the current changes to rate.

An increase in premiums due to this change is not what your business needs or wants to hear at this time of the year.

To add further to the experience rated businesses, Kyle, Daryl and Adrian at Workers Comp Savings 

have and will continue to manage all of our clients claims to deliver the best and most cost effective 

claims strategies which in turn drive down claims costs.

Our main focus is your business and ensuring that we continue to provide outcomes 

on claims and manage your premiums accordingly.

If you have any questions, please do not hesitate to call Kyle, Daryl or Adrian.