Accident Compensation Row: Employers Wary About ACC Competition
October 28th, 2009
The Northern Employers and Manufacturers Association says employers are wary about the reintroduction of an open competitive market for ACC workplace accounts. It says the single year when there was a private market for ACC turned into a bun fight between insurers trying to capture business and employers trying get accident insurance within prescribed time frames. Insurers at the time cut premiums to capture market share early on.
Most commentators agreed at the time the ensuing years would have seen large premium increases to offset the low entry price points. The Association warns having a full private insurance market won’t provide stability in the premium setting market, and it will make more forecasting and budgeting work for employers.
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It says employers want an ACC market with stable premiums and competition. Ensuring a tight focus on outcomes with dedicated treatment rehabilitation providers would significantly reduce costs. Employers also want experience rating brought back to ACC with urgency to ensure there are strong incentives to retain safe workplaces.
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