Farm Insurance Australia :: News
SHARE

Share this news item!

icare Ushers in Major Changes Starting Next Week

icare Ushers in Major Changes Starting Next Week

icare Ushers in Major Changes Starting Next Week?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Commencing on October 8, icare is gearing up for significant structural changes aimed at streamlining operations and boosting efficiency.
This initiative comes in response to a comprehensive Operational Expenditure Review conducted by NSW Treasury, which outlines 14 pivotal findings to help reduce the state's insurer's service costs by 5%.

NSW Treasury's review sheds light on a complex legacy of governance, culture, and accountability issues within icare. The review highlights the need for proactive management and closer collaboration between NSW Treasury, icare, and the State Insurance Regulatory Authority to establish an enhanced reporting framework that supports greater accountability.

The review has been seen as a guiding document for icare’s next phase. According to a spokesperson for icare, "This is an opportunity to deepen our commitment to transformation and address the recommendations comprehensively. Our internal initiatives already indicate that we can achieve more than a 5% reduction in core operational expenses."

Work Health and Safety Minister Sophie Cotsis emphasized the necessity of these changes to restore public confidence in icare. "Transparency and operational efficiency are paramount. This review will serve as a road map to elevate accountability within icare and across the state insurance system," she said.

A noteworthy alteration includes amendments to the State Insurance and Care Governance Act 2015. These changes are intended to bolster the accountability and transparency of icare's business performance. A significant shift will see icare's CEO no longer serving on the board, and the Secretary of the Treasury Department joining the board. Additionally, CEO appointments will now require ministerial approval.

icare has had a challenging few months, including the July departure of CEO Richard Harding. The insurer, which handles around 80,000 claims annually for about four million workers, is actively searching for a new CEO. In the interim, focused efforts are being made to save approximately $23 million a year. Talks with union representatives and staff are underway, with potential impacts on up to 130 jobs among icare’s approximately 1,800 employees.

Cotsis has also directed a letter to icare chair John Robertson seeking detailed plans on how the review's findings will be implemented. "Thorough and clear responses will be necessary to navigate these changes effectively," she added.

The information and insights shared in this article originate from a similar piece published on insuranceNEWS.com.au, ensuring that all steps are taken to offer a fresh perspective while keeping you informed of the pivotal structural changes within icare.

Published:Tuesday, 1st Oct 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Isuzu Australia Introduces Comprehensive Truck Leasing and Finance Services
Isuzu Australia Introduces Comprehensive Truck Leasing and Finance Services
13 Mar 2026: Paige Estritori
Isuzu Australia has announced a significant advancement in its service offerings with the establishment of Isuzu Financial Services Australia (IFSA), a dedicated truck leasing and finance company. This initiative marks the first time the Isuzu Group has founded such a company outside of Japan, highlighting the strategic importance of the Australian market. - read more
Insurer Ordered to Cover Engine Damage Resulting from Driver's Negligence
Insurer Ordered to Cover Engine Damage Resulting from Driver's Negligence
13 Mar 2026: Paige Estritori
The Australian Financial Complaints Authority (AFCA) has recently ruled in favor of a trucking company, mandating that their insurer cover engine damage resulting from a driver's negligence. This decision underscores the importance of comprehending policy exclusions and the circumstances under which insurers are obligated to pay claims. - read more
Freight Company Prevails in Dangerous Goods Disclosure Dispute
Freight Company Prevails in Dangerous Goods Disclosure Dispute
13 Mar 2026: Paige Estritori
The Australian Financial Complaints Authority (AFCA) has ruled in favor of a freight company in a dispute over the disclosure of transporting dangerous goods. This decision provides clarity on the disclosure obligations of companies handling hazardous materials and their impact on insurance coverage. - read more
Navigating Rising Premiums in Australia's Insurance Sector
Navigating Rising Premiums in Australia's Insurance Sector
13 Mar 2026: Paige Estritori
In 2026, Australian insurers are grappling with significant challenges that are influencing premium costs and coverage availability. A recent survey by Gallagher Bassett highlights that premium affordability and insurability have emerged as the foremost concerns for the industry. This shift is largely attributed to escalating climate-related losses and evolving regulatory demands. - read more
Addressing Cybersecurity Threats in Australia's Insurance Industry
Addressing Cybersecurity Threats in Australia's Insurance Industry
13 Mar 2026: Paige Estritori
In 2026, the Australian insurance sector is increasingly prioritizing cybersecurity, recognizing it as a critical challenge in the digital age. According to Gallagher Bassett's latest industry survey, cyber and data security concerns have maintained their position as the second most significant issue for insurers, underscoring the persistent threat posed by digital vulnerabilities. - read more
The Future of Insurtech in Australia: A $4.2 Billion Market by 2034
The Future of Insurtech in Australia: A $4.2 Billion Market by 2034
13 Mar 2026: Paige Estritori
The Australian insurtech sector is on a trajectory of remarkable growth, with projections indicating a surge from $377 million in 2025 to an impressive $4.2 billion by 2034. This anticipated expansion, representing a compound annual growth rate (CAGR) of 30.68%, underscores the transformative impact of digital innovation on the insurance landscape. - read more
BizCover and Zurich Collaborate to Enhance Professional Indemnity Insurance for Australian SMEs
BizCover and Zurich Collaborate to Enhance Professional Indemnity Insurance for Australian SMEs
13 Mar 2026: Paige Estritori
In a significant development for Australian small and medium-sized enterprises (SMEs), BizCover has announced the addition of Zurich's Professional Indemnity (PI) insurance product to its online platform, effective from 3 March 2026. This collaboration aims to provide SMEs with enhanced access to comprehensive PI coverage, addressing a critical need in the business community. - read more
Markel Unveils Tailored Professional Indemnity Insurance for Australian Market
Markel Unveils Tailored Professional Indemnity Insurance for Australian Market
13 Mar 2026: Paige Estritori
In a significant development for the Australian insurance market, Markel, a US-based specialty insurer, has launched professional indemnity (PI) insurance products tailored specifically for Australian businesses. This strategic move comes in response to a notable reduction in PI insurance capacity over recent years, leaving many professionals seeking reliable coverage options. - read more
Sterling Insurance Enhances PI Offerings with Lloyd's Binder
Sterling Insurance Enhances PI Offerings with Lloyd's Binder
13 Mar 2026: Paige Estritori
Sterling Insurance has successfully secured a new professional indemnity (PI) binding authority with Lloyd's, a move that promises to provide Australian brokers with greater control over product offerings and pricing structures. This development is part of Sterling's ongoing commitment to delivering tailored insurance solutions that meet the specific needs of niche and complex risk sectors. - read more
Insights from CHU's 2025 Strata Market Report
Insights from CHU's 2025 Strata Market Report
13 Mar 2026: Paige Estritori
CHU, Australia's leading strata insurance underwriting agency, has unveiled its 2025 State of the Strata Market report, offering a comprehensive analysis of the current landscape and future outlook for the strata industry. This report is particularly relevant for property owners and investors seeking to navigate the evolving strata insurance environment. - read more


Farm Insurance Articles

Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - read more
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
The Modern Farmer's Checklist for Assessing Farm Equipment Insurance Needs
As the backbone of Australian agriculture, farm equipment plays an essential role in day-to-day operations across our expansive and diverse landscapes. From the vast wheat belts to the tropical fruit farms, machinery ensures efficiency and productivity in the face of constant challenges. But with reliance on such equipment comes significant risk—the financial burden of damage or loss can be devastating to a farmer's livelihood. - read more
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
Understanding Farm Equipment Insurance: A Breakdown for Australian Farmers
In the dynamic world of Australian agriculture, farm equipment plays a crucial role in the day-to-day operations of farms. From tractors to harvesters, having the right machinery means managing your farm more efficiently. However, the high value of this equipment makes it essential to protect it adequately through insurance. - read more
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Proven Strategies for Australian Farmers to Reduce Farm Insurance Premiums
Welcome to our comprehensive guide on navigating the complexities of farm insurance for Australian farmers. As an integral part of the agricultural industry, insurance provides a safety net that helps secure the livelihood of farmers against unpredictable events that can lead to financial hardship. From property damage due to natural disasters to loss of livestock or crops, having adequate farm insurance can make all the difference in keeping a farming operation afloat in times of crisis. - read more
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm liability insurance is a type of coverage that protects farmers from financial losses due to legal claims and lawsuits. This insurance is crucial for safeguarding your farm against various liabilities that may arise from farm operations. - read more
5 Essential Farm Insurance Policies Every Australian Farmer Needs
5 Essential Farm Insurance Policies Every Australian Farmer Needs
Farming in Australia is not just a job, it's a way of life. However, it’s also a livelihood that comes with its own unique set of risks. From unexpected weather events to machinery breakdowns, the life of an Australian farmer is fraught with uncertainties. - read more
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Tractors, Livestock, and Crops: Tailoring Your Farm Insurance to Fit Your Needs
Welcome to the world of farming, where the fruits of your labor are as tangible as the soil you till. But just as the land is subject to the whims of nature, so too is the business of agriculture. This is where farm insurance becomes essential. Farmers face a set of challenges and uncertainties unlike any other industry, primarily due to the unpredictable forces of weather. - read more
Insurance for Hobby Farms: Finding the Right Coverage
Insurance for Hobby Farms: Finding the Right Coverage
Hobby farming has become increasingly popular in Australia, with many individuals and families embracing the joys of growing their own produce, raising livestock, and enjoying a rural lifestyle. Whether it's a small vegetable garden, a few chickens, or a larger mixed farming operation, hobby farms offer both relaxation and a connection to nature. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Incontestability Clause:
A provision in a life insurance policy that prevents the insurer from voiding coverage due to a misstatement by the insured after a certain period.