The increase in volume and length of workers' claims across Australia has significantly raised premium costs. However, even if state parliaments pass new regulations to manage and limit workers' compensation claims, this will not absolve employers of their duty to identify and manage mental health risks within the workplace — which is a fundamental obligation.
Meanwhile, there is a focus on establishing workplace environments that improve workers' mental well-being and physical health as employee retention becomes key amid 'the great burnout' and persistent recruitment struggles.
In our Business Insurance Market Conditions and Risk Dynamics H2 2023 report, we review the current factors affecting workplace risks, including:
For more insights on the state of the business insurance market in Australia and risk dynamics, download our full report.
During this time of change you can turn to our Gallagher experts for advice and guidance. We are here for you and will do everything we can to help you face the future with confidence.
Experts from the Gallagher network offer perspectives on critical trends and changes shaping the Australian insurance and business landscape.
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