Market Update - VIC Workplace Risk
The Victorian scheme remains stable in the absence of any major legislative changes. The Average workers compensation Premium Rate for 2017/18 is 1.272% of the State's rateable remuneration and is consistent with the average rate for the past three years for Victoria.
This update will cover the following:
- Claims Experience Period
The claims experience period for the 2018-19 policy year (the claims that impact employers’ workers’ compensation premiums) are standard claims received between 1 January 2015 to 30 June 2017.
- Risk Management Funding
WorkSafe has ‘tightened the belt’ with regards to an Agents’ ability to offer risk management funding (‘RMF’).
- WorkSafe 2030 Strategy
WorkSafe Victoria recently released a publication regarding their long-term strategy ‘WorkSafe 2030’.
- Update on ISO 45001
Occupational health and safety management systems – requirements with guidance for use, has now been adopted in Australia which sees AS/NZS 4801 being replaced in it’s entirety.
- Self Insurance
WorkSafe granted a self-insurance licence in December 2018 for an Aged Care provider for a three year period.