Thursday 01 March 2018

WorkSafe announces half-year results

The state’s workers’ compensation scheme remains financially sound, and fewer people are being injured at work, according to the mid-year report card released today by WorkSafe.

 

In the six months from July to December 2017, the number of injury claims per million hours worked fell 1.9 per cent to 6.16.

Over the same period, WorkSafe recorded a net result of $516.8 million. This was primarily due to strong investment returns and favourable changes in economic assumptions.

WorkSafe’s half year performance from insurance operations (PFIO) was $9.6 million. This was impacted by a rise in the projected future cost of claims, which resulted in the need for an extra $100 million to be set aside for these costs.

Despite this, WorkSafe Chief Executive Clare Amies said WorkSafe’s fundamentals remained sound.

“The decrease in injury rates is particularly pleasing as it shows that more Victorian workplaces than ever before are making safety a key part of their daily activities,” Ms Amies said.

“We will continue to make injury prevention our most important goal because that’s good for workers, their families, employers and the community.”

Key results half-year 2017/18
Performance from insurance operations  $9.6 million
Actuarial increase  $100 million
Net result $516.8 million

Further Information

WorkSafe media enquiries: Peter Flaherty: 0478 881 663, This email address is being protected from spambots. You need JavaScript enabled to view it. or Kathleen O'Dwyer: 0435 409 975, This email address is being protected from spambots. You need JavaScript enabled to view it.

Public enquiries: Call the WorkSafe Advisory Service on 1800 136 089 between 8:30am and 5pm Monday to Friday, email info@worksafe.vic.gov.au or write to Advisory Service, PO Box 4306, Melbourne, 3001.