On Friday 20 September WorkSafe Victoria’s CEO Denise Cosgrove boasted about the scheme’s solid financial results! How interesting given that the scheme was recently under fire for “inappropriately rejecting claims”, calling for a parliamentary inquiry into the conduct of agents and WorkSafe as a result of these figures.
“The figures confirm that WorkCover’s agents [the insurance industry] have got out of control, rejecting and terminating workers’ entitlements without any real scrutiny from WorkSafe,” Mr Lewin said.
“Agents are reversing the onus of proof, rejecting claims, and forcing workers to either walk away, or proceed to the court for justice.”…
In addition to the solid financial results, Ms Coscrove has also demanded the Victorian injured workers be denied access to common law damages claims.
Worksafe Vic in solid financial position – yet inappropriately rejects claims
Record safety performance delivers solid result
By Worksafe Vic
A record low rate of workplace injuries and ongoing improvements in scheme management have helped deliver a sound 2012/13 financial result for WorkSafe Victoria.
WorkSafe Chief Executive, Denise Cosgrove, said Victoria’s employers and employees had worked hard to reduce injury rates and, together with agents and WorkSafe staff, had helped create strong claims liability results.
“The number of claims per million hours worked fell to 7.53 as Victorian workplaces continued to improve their safety performances. That is a fall of 6.6 per cent on the previous year and once again confirmed Victoria as the safest state in which to work,” Ms Cosgrove said.
“Strong scheme management delivered improved performance from insurance operations (PFIO) of $119 million, underpinned by an actuarial release of $179 million. Both figures reflect the ongoing health of the scheme.”
Ms Cosgrove said Performance from Insurance Operations (PFIO) was the clearest measure of WorkSafe’s financial results because it stripped out all external factors such as global investment returns and interest rate changes, which can otherwise mask scheme performance.
“Our PFIO, which was $84 million above budget, gives us an accurate picture of how well costs and liabilities associated with the scheme have been managed,” she said.
Ms Cosgrove said the actuarial release had exceeded its target and reflected the efforts of those involved in helping injured workers get back to safe work sooner, and in managing other claim costs.
Ms Cosgrove said WorkSafe’s net result was $1.084 billion, which was significantly assisted by improved investment returns and changes to economic assumptions such as inflation and discount rates.
“In 2012/13, we paid almost $1.6 billion in compensation, treatment and rehabilitation benefits to injured Victorian workers,” she said.
Ms Cosgrove said Victoria’s average premium rate of 1.298 per cent remained the lowest in the state’s history and the lowest rate in the country. “This is a great outcome for all Victorian businesses which benefit from being part of a high quality scheme that keeps costs down.”
Ms Cosgrove said that while the results for 2012/13 were pleasing, WorkSafe has put in place a clear strategy to deal with the challenges of a changing socio-economic environment.
“Changing patterns and types of work, economic conditions, and an ageing workforce will increasingly affect workplace safety and return to work opportunities,” she said.
Are these long term performance targets the bit where she refers to the ‘crackdown on Vic injured workers” (meaning inappropriately denying injured workers claims) and her desire to abolish our common law access? We think so!
As we stated in our article titled “The consequences of implementing lumspum & common law claim thresholds “, Injured workers should never be denied the same rights as other citizens and should have full legit workcover claims and access to common law. For Workcover to suggest otherwise is disgusting and deserves of the sternest criticism by unions and the community at large as being completely self interested.
People like our very own- duped “fishface”- WorkSafe Victoria CEO, also have a duty of care not to make careless, reckless, fully sick and plain wrong statements that workcover claims or common law damages claims are ‘out of control’.
The title of your article is also most deceptive – we have yet to see some funding spent on actual, real safety improvements!
Financial results at a glance
|Performance frominsurance operations||$119m||$385m||$294m||$654m||$277m|
|Net result after tax||$1.084b||($676m)||$521m||$176m||($1.255b)|
Average injury insurance premium rates
This post has been seen 963 times.