NSW THOROUGHBRED RACING BOARD - Racing NSW
NSW THOROUGHBRED RACING BOARD - Racing NSW
NSW THOROUGHBRED RACING BOARD - Racing NSW
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Insurance<br />
“The insurance department operates a<br />
fund which acts as a non-profit workers'<br />
compensation insurer for the racing<br />
industry's Clubs and Trainers. The<br />
department also facilitates the purchasing<br />
of a wide-range of insurance covers for<br />
the racing industry - taking advantage<br />
of the industry's bulk buying power.<br />
In recent times the department has<br />
been instrumental in the establishment<br />
of a public liability arrangement which<br />
has produced substantial savings in<br />
premiums for <strong>NSW</strong>, Queensland, the<br />
ACT and Victorian Race Clubs.”<br />
Michael Thompson, Insurance<br />
Manager.<br />
Department Members:<br />
Michael Thompson<br />
Manager<br />
Hesna Whitbread<br />
Senior Claims Officer<br />
Kay Stivactas<br />
Claims Officer<br />
Geetanjali Sharma<br />
Claims Assistant<br />
Michael Thompson<br />
As at 30 June 2000 the administration<br />
of the department has been subject<br />
to an outsourcing arrangement with<br />
ASWIG, the aim being to improve<br />
resources, training and service.<br />
Objectives<br />
• Manage the TRB Workers’<br />
Compensation Insurance Fund,<br />
• Monitor the Workers’<br />
Compensation Insurance<br />
Scheme, co-ordinate renewals,<br />
• Initiate and facilitate a general<br />
insurance scheme that provides<br />
cost savings for participants by<br />
taking advantage of industry<br />
buying power,<br />
• Investigate initiatives aimed at<br />
reducing the cost of delivering a<br />
Workers’ Compensation policy<br />
and claims service to the<br />
industry,<br />
• Promote sound Occupational<br />
Health and Safety (OH&S)<br />
practices and improve awareness<br />
about OH&S issues.<br />
Workers’ Compensation Claims<br />
During 2002-2003 - 327 workers’<br />
compensation claims were received.<br />
This is trending down again<br />
following last year, which was the<br />
highest number in over 10 years.<br />
The number of current claims as at<br />
the 30 June 2003 was 244.<br />
During the 2002 calendar year,<br />
substantial changes to the <strong>NSW</strong><br />
Workers' Compensation system and<br />
legislation took place. The<br />
speculation and uncertainty arising<br />
from these amendments resulted in<br />
increased litigation. The Insurance<br />
Fund was able to favourably settle<br />
most of these actions within the<br />
year. This resulted in a contained<br />
but unexpected increase in claims<br />
cost for the year, which is not<br />
expected to flow on to the 2003-<br />
2004 year.<br />
In general:<br />
• Case estimates have gone down,<br />
• Severity of claims is lower,<br />
• Return to work times are<br />
improving,<br />
• Litigation is decreasing,<br />
• Employers are participating in<br />
injury management,<br />
• Loses due to HIH collapse are<br />
being mitigated.<br />
These are all positive indicators<br />
and assist in counteracting the<br />
negative effects of increase claims<br />
payments brought on by legislative<br />
changes in 2003, loss of reinsurance<br />
recoveries (HIH), and poor return<br />
on investments.<br />
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