❓ Mr. Brown questions the Minister for Labour Relations regarding a $400M loss reported by insurers since the 1993 workers' compensation system changes. The Minister confirms awareness and acknowledges significant insurer losses.
AnsweredQoN 533Legislative Assembly
QuestionView source ↗
533. Mr BROWN to the Minister for Labour Relations:
(1) Is the Minister aware of an article that appeared in
The West Australian
on Saturday 15 July 2000 which reported that insurers have lost $400M since the 1993 changes to the workers compensation system were introduced by the Coalition Government?
(2) Is that article correct insofar as reporting the loss suffered by insurers?
(1) Is the Minister aware of an article that appeared in
The West Australian
on Saturday 15 July 2000 which reported that insurers have lost $400M since the 1993 changes to the workers compensation system were introduced by the Coalition Government?
(2) Is that article correct insofar as reporting the loss suffered by insurers?
AnswerView source ↗
Answered
14 November 2000
Response time
90 days
The Minister Replied:
(1) Yes
(2) The report relates to claims made by insurers that they have lost $400 million since the 1993 changes to the workers' compensation system. I can advise the Premium Rates Committee Actuary reported in May this year that insurers had incurred estimated cumulative losses from 1993 to 1999 of almost $392 million as a result of their underwriting strategies.
(1) Yes
(2) The report relates to claims made by insurers that they have lost $400 million since the 1993 changes to the workers' compensation system. I can advise the Premium Rates Committee Actuary reported in May this year that insurers had incurred estimated cumulative losses from 1993 to 1999 of almost $392 million as a result of their underwriting strategies.
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