Nineteen months into the COVID-19 pandemic Workers' Compensation has not yet been greatly impacted by COVID-19 - but what will happen as we enter a new phase of the pandemic – “living with COVID”?
Finity has recently reviewed the projected infection case numbers predicted after ‘opening up’, and delved into what it means for Australia’s workforce and Workers’ Compensation insurers. (These statistics are presented at a national level, however could easily be refocused to equivalent numbers specific to state, specialised or self-insurers.)
What does this mean for business?
When the economy opens up it is predicted that there will be hundreds of thousands of COVID-19 cases across Australia in the next 6-12 months, many of whom will be workers who will be potentially able to lodge a Workers’ Compensation claims. The initial concern is the possibility that this creates a surge that overwhelms claims acceptance processes. Beyond that, there will also be the cost of paying for respiratory hospital ward and ICU stays, coupled with claims costs associated with longer term weekly compensation, which could lead to increased claims cost.
The message for organisations is clear: get ready, and be prepared for these effects on your workforce and business.
The chart below shows predicted longer term outcomes in Australia’s working population.
Finity’s Workers' Compensation team provide an indepth look at this unfolding situation in Australia, including
- What opening up looks like
- A look at long COVID-19
- Impact on Australia’s workforce and Workers' Compensation.