Month: June 2024

Workers Compensation Premiums creating a financial pinch?

As we move closer to another end of financial year where the majority of employers renew their Workers Compensation policies, it’s timely to remind businesses of the changes coming especially specific to industry risk rates.

All four government funded schemes in NSW, QLD, VIC and SA have seen increases to most industry risk rates which in turn will likely drive a higher premium payable to businesses operating within those jurisdictions. Concurrent to risk rate rises is the need to regularly review the way in which a business has built its workers compensation policy; all too often we see policies “rolled over” without consideration given to how a business may have evolved especially regarding its primary business activities. Different business activities carry different rates affecting premium not-to-mention how these declarations cover those employees.

The team at Warren Saunders Insurance Brokers have a specialised service available which has the capability to review your Workers Compensation program and ensure the most appropriate form of coverage is in place. With likely premium increases on their way, now is a perfect time to get in touch with us to discuss how our services can assist in this space.

Speak to one of our Workers Compensation Account Managers on (02) 9587 3500.

Data breach incidents on the rise in Australia

Australia is grappling with a significant increase in data breaches, with 1.8 million user accounts compromised during the first quarter of 2024 (Q1 2024), according to cybersecurity firm Surfshark’s report.

The analysis, which focuses on email addresses linked to online services, found that these breaches also involved sensitive data such as passwords and financial information.

It indicated a 388% rise in compromised user accounts compared to the last quarter of 2023. This increase places Australia as the 15th most affected country worldwide, with approximately 140 million accounts compromised since 2004.

Recent data breaches in Australia

In addition to Guardian Childcare, many companies have fallen victim to cyberattacks of late.

Major oil and gas company Shell fell victim to a cybercrime, with a threat actor claiming to have posted 80,000 rows of customer data, affecting individuals across the globe, including Australia.

Meanwhile, a hacker group claimed that it has stolen the personal data of ticket sales giant Ticketmaster’s global customers, with thousands of Australians expected to have been impacted.  

Other companies that reported data breaches in May included electronic prescription provider MediSecure, tech firm Iress, and mortgage lender Firstmac.

Find out how to mitigate your risk by speaking with one of our experienced Account Brokers on (02) 9587 3500.

Source: Insurance Business Magazine