“We’ve been on stand-by during this difficult period to assist our customers with their changing circumstances. So far around 9,000 customers have made contact, or have been contacted by icare, to update their estimated wages and their business activities, which are major drivers of their premium.”
Those were the words of icare New South Wales chief executive John Nagle when the workers’ compensation insurer encouraged NSW business customers to review their current needs and circumstances and to reach out to icare about any changes.
Referring to affected operations and wages, Nagle noted: “This is particularly true of customers impacted by social distancing measures in industries such as construction, hospitality, and retail, with many needing to reduce staff numbers working at any one time.
“This has helped the majority of our directly impacted customers revise their wages down, leading to premium reductions of $40 million. At the same time, one in nine businesses have increased their estimated wages, reflecting the upswing in some industries such as deliveries, groceries, and cleaning services.”
Nagle said they expect to see further adjustments as restrictions are eased and ways of working evolve in the coming weeks, and that icare will remain on hand to help policyholders. It was also highlighted that the company has helped around 1,900 customers, who are working through financial hardship or whose businesses are in hibernation, pause $38 million in premium payments.
The chief executive went on to state: “We recognise there is still ongoing change for many businesses across the state, and customers are encouraged to get in contact to discuss their individual needs.
“We will continue to balance the needs of our customers with the long-term sustainability of the scheme to ensure it continues to support businesses and their injured workers well into the future.”
Across NSW, icare provides workers’ coverage to over 325,000 businesses.
