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Premium model review

In 2015–16 Comcare undertook a review of the premium calculation model and methodology to ensure that they supported Comcare’s objectives of providing value for money in a financially sustainable scheme and maximising agency engagement in the cost of claims.

Comcare engaged independent actuaries, Taylor Fry, to carry out a significant portion of the work, including the initial consultations with agencies and the Safety, Rehabilitation and Compensation Commission (SRCC) and the design and testing of the revised premium model.

The final report from Taylor Fry was published in mid-December 2015 and all scheme stakeholders were given the opportunity to provide feedback on the revised premium model.

The premium model final report was approved by the SRCC at their 9 March 2016 meeting and the revised premium model was used to calculate agency premiums from the 2016-17 financial year onwards.

The revised premium model [PDF,118KB] provides a simpler model structure with fewer assumptions and fewer calculation steps, making a clearer and more transparent link between individual agency claim performance and the premium.

In April 2016 Comcare delivered presentations to agencies on the premium pool and the revised premium model.

Page last updated: 07 Feb 2017