Insurance and Care NSW (icare) says rising medical costs will be a key focus as an auditor's report for the state’s workers' compensation scheme shows a significant increase in payments to private hospital services.
The payments per active claim for the first 12 months of an accident increased to $5000 in September compared to $3000 four years earlier, data from the Finity Quarterly Monitoring report shows. Smaller rises were reported for surgical operations, anaesthesia and public hospitals.
Workers' compensation nominal insurer (NI) arrangements covered in the report are managed by icare, which has published insights from the actuarial data on its webs...
The Reserve Bank of New Zealand (RBNZ) is engaging with insurers and reinsurers to better understand premium changes in high-risk areas such as Wellington.
The changes are expected to make prices materially higher for a small proportion of customers, but precise effects are uncertain given limited information on reinsurance costs and insurers’ strategies, the central bank says in its Financial Stability Report.
“We are working with industry to understand the impacts this will have on insurance provision more broadly, but for now insurance appears to be available for all but the riskiest properties,” Governor Adrian Orr said.