Embattled NSW insurer needs extra $660 million as work, property claims rise

The embattled workers’ compensation insurer icare will need a top-up of more than $660 million this financial year to ensure it can continue to pay injured public servants.

The embattled workers’ compensation insurer icare will need a state government top-up of more than $660 million within the next two weeks to ensure it can continue to pay injured frontline public servants.

NSW Treasurer Daniel Mookhey said a $669 million top-up to icare would add to the state’s gross debt levels.Icare manages the Treasury Managed Fund and Insurance for NSW, which cover the state’s insurance risks, including payments for NSW public sector workers’ compensation and property damage. Mookhey said the $669 million injection by June 30 would help ensure public sector workers receive financial support when they needed it.

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