icare Ushers in Major Changes Starting Next Week
icare Ushers in Major Changes Starting Next Week
NSW Treasury's review sheds light on a complex legacy of governance, culture, and accountability issues within icare. The review highlights the need for proactive management and closer collaboration between NSW Treasury, icare, and the State Insurance Regulatory Authority to establish an enhanced reporting framework that supports greater accountability.
The review has been seen as a guiding document for icare’s next phase. According to a spokesperson for icare, "This is an opportunity to deepen our commitment to transformation and address the recommendations comprehensively. Our internal initiatives already indicate that we can achieve more than a 5% reduction in core operational expenses."
Work Health and Safety Minister Sophie Cotsis emphasized the necessity of these changes to restore public confidence in icare. "Transparency and operational efficiency are paramount. This review will serve as a road map to elevate accountability within icare and across the state insurance system," she said.
A noteworthy alteration includes amendments to the State Insurance and Care Governance Act 2015. These changes are intended to bolster the accountability and transparency of icare's business performance. A significant shift will see icare's CEO no longer serving on the board, and the Secretary of the Treasury Department joining the board. Additionally, CEO appointments will now require ministerial approval.
icare has had a challenging few months, including the July departure of CEO Richard Harding. The insurer, which handles around 80,000 claims annually for about four million workers, is actively searching for a new CEO. In the interim, focused efforts are being made to save approximately $23 million a year. Talks with union representatives and staff are underway, with potential impacts on up to 130 jobs among icare’s approximately 1,800 employees.
Cotsis has also directed a letter to icare chair John Robertson seeking detailed plans on how the review's findings will be implemented. "Thorough and clear responses will be necessary to navigate these changes effectively," she added.
The information and insights shared in this article originate from a similar piece published on insuranceNEWS.com.au, ensuring that all steps are taken to offer a fresh perspective while keeping you informed of the pivotal structural changes within icare.
Published:Tuesday, 1st Oct 2024
Source: Paige Estritori
Share this news item:
| Insuregroup's Remarkable Growth in Truck Insurance Policies 21 Feb 2026: Paige Estritori Insuregroup, a specialist insurance brokerage serving Australia's transport and logistics sector, has recently announced a significant milestone: processing over 10,000 insurance policies since its inception, with a 25% increase in policy volume over the past year. This growth underscores the escalating demand for comprehensive truck insurance solutions tailored to the unique needs of Australian freight operators. - read more |
| ICA's Strategic Plan to Combat Escalating Motor Insurance Costs 21 Feb 2026: Paige Estritori The Insurance Council of Australia (ICA) has unveiled a comprehensive report titled 'Motor Insurance Policy Paper – A Roadmap for Reducing Rising Premiums,' addressing the significant 42% increase in comprehensive motor insurance premiums since 2019. This surge has brought the average annual premium to $1,052 in 2024, prompting the need for coordinated action to alleviate the financial burden on consumers. - read more |
| Heightened Road Risks During Holiday Season: Insurers Issue Warnings 21 Feb 2026: Paige Estritori As the Australian summer school holidays coincide with peak freight activity, insurers and transport specialists are raising concerns about heightened road risks. The surge in freight traffic, coupled with increased holiday travel, amplifies the potential for road incidents, particularly involving heavy vehicles. - read more |
| AustralianSuper Announces Reduction in Default Income Protection Cover 20 Feb 2026: Paige Estritori AustralianSuper, one of Australia's largest superannuation funds, has announced a significant change to its default income protection insurance. Effective from 28 February 2026, the fund will reduce the default income protection cover to $1,000 per month. This adjustment aims to align insurance coverage with members' actual income levels and prevent over-insurance, which can erode retirement savings. - read more |
| Preparing for the Unexpected: Why Income Protection is Essential for Financial Security Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more
|
| Why life insurance is a necessity in tough times With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more
|
| How to Ensure Your Travel Insurance Covers Your Next Adventure Sport Australians are known for their adventurous spirit, often seeking thrills through activities such as bungee jumping, surfing, and skiing. Adventure sports provide an adrenaline rush and an escape from the everyday routine, making them highly appealing to those who crave excitement and challenge. - read more
|
| Insuring Your Practice: Key Considerations for Australian Health Care Workers Income protection insurance is a safeguard for your financial stability, designed to provide peace of mind when you most need it. As a healthcare professional, you’re dedicated to caring for others, but it’s essential to protect your own income against unexpected events. - read more
|
A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.