New icare executives entitled to more than $1.2m in bonuses this year | LucyCormack
State insurer icare has hired 18 new executives with potential annual bonuses collectively worth more than $1.2 million this year, while employee operating costs have increased from $162 million to more than $200 million since 2020.
The bonuses linked to the 18 roles filled in 2021 were revealed in documents obtained under a parliamentary order. However, an icare spokesman told theIt comes more than a year after a joint investigation by therevealed icare had underpaid thousands of injured workers by up to $80 million while paying lavish bonuses to top executives.
A budget estimates hearing last month heard the insurer reported a $1.4 billion underwriting loss in the past year, with the total accumulated loss of the past three years now exceeding $6 billion. An icare spokesman said premium rates for 2021-22 had increased by an average of 2.9 per cent and these were the first increase in rates since 2014, sitting below the national average.
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