Last week, CGU Workers Compensation advised WorkSafe Victoria that they are not seeking to have their license renewed as of the 30th of June 2021.
CGU Workers Compensation have been involved in the Victorian Workers Compensation Scheme for 30 years and this decision has come as a shock to many in the industry. The decision will only add disruption to the Victorian Workers Compensation Scheme, which already has enough challenges.
WorkSafe will work with all scheme agents to implement a plan going forward to best suit the scheme.
In our experience, when we have witnessed scheme agents exit the scheme, we have seen an uncertainty around jobs, potential movement amongst portfolios, a drop in service standards and a lack of focus until everyone impacted by the decision is aware of the impact on them.
What Insurance House can do for you
Insurance House has a team of Workers Compensation specialists available to assist employers through this transition period and help manage any changes.
If you need any assistance in the management of your Workers Compensation program, please do not hesitate to contact Mark Farrugia on 0437 917 315 or email him at email@example.com.
Our advice is general in nature. To read the full General Advice Warning click here.