WorkSafe Vic notes $650m after tax loss in half-year results
WorkSafe Victoria recorded an after tax loss of $650 million for the six months to 31 December 2019 — a $275 million improvement on the result for December 2018. WorkSafe Victoria’s insurance funding ratio — a measure of assets against claims liabilities — remained strong at 147%, slightly above the preferred range of 100–140%. A larger than predicted rise in mental injury claims, which account for 16% of all claims, has caused WorkSafe Victoria’s actuaries to increase the valuation of the scheme’s liabilities and contributed to a poorer than expected performance from insurance operations (PFIO) of negative $1,191 million, partly offset by positive movements in investment markets.
Despite the rise in claims, WorkSafe Chief Executive Colin Radford said WorkSafe Victoria’s fundamentals remained sound. “Injury prevention is our most important goal to ensure that every worker returns home safely to their families each day. Fewer injuries means fewer claims, and the best managed claim is a claim avoided. Where injuries do occur our focus will always be on supporting injured workers return to safe work and return to health,” Radford said.
WorkSafe Victoria and the Victorian Funds Management Corporation (VFMC) manage the workers compensation scheme’s $17 billion investment portfolio; the portfolio has achieved an average return of more than 7% a year over the past decade.
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