Icare’s budget deficit ballooned to $1.5 billion in the second half of 2021 with more workers claiming psychological injury or stress issues
NSW Opposition treasury spokesman Daniel Mookhey said the sliding financial position was likely to hit businesses who paid premiums to the insurer which were only likely to rise as a result of the deficit.
A NSW government spokeswoman said that workers compensation schemes around the country had been hit by COVID-19, inflation and the growing costs of psychological claims but Icare was financially sustainable.The spokeswoman pointed to a report by NSW Supreme Court justice Robert McDougall, QC, into Icare which found “any suggestion that the scheme’s financial sustainability is currently in doubt is, in my opinion, unsupportable”.
Mr Tudehope said the insurer was focusing on finding other savings across the business, while also improving investment performance and efficiency.
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