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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.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.
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