Industry Premium Rates
The monitoring of insurer premium rates is a statutory function of the WorkCover Tasmania Board. It aims to ensure that insurance arrangements in Tasmania are efficient and competitive.
The Workers Rehabilitation and Compensation Act 1988, requires that each year the WorkCover Tasmania Board publishes a list of suggested industry premium rates. The purpose of publishing the rates is to better inform the market place and to reduce the potential for erratic and volatile pricing of workers compensation insurance cover.
Employers may wish to refer to the rates as they consider workers compensation premium quotes from insurance companies. However, the suggested rates are a guide only. The actual rates charged by insurance companies to individual employers may differ from the suggested rates, with each insurance company taking into account past claims and the occupational health and safety circumstances of the employer.
If an employer is concerned about the premium being charged for their workers compensation cover they should contact their insurance company.
The suggested industry premium rates for 2009-10 were developed by the WorkCover Tasmania Board’s consulting actuary, Finity Consulting Services.
2009-10 suggested rates report
2009-10 suggested rates (Excel Spreadsheet)
Suggested Industry Premium Rates for 2009/10 – Supplement
In light of economic changes Finity Consulting Services has provided a supplement to the original Development of Suggested Industry Premium Rates for 2009/10 report on 2 June 2009. The supplement updates the suggested premium rates to reflect changes in the yield curves since the original report was produced. The supplement should be read in conjunction with the original report.
Suggested Industry Premium Rates for 2009/10 – Supplement
Suggested Industry Premium Rates for 2009/10 – Supplement (Excel Spreadsheet)
