GIO has lost its 15-year monopoly on managing workers’ comp claims for the NSW Government Treasury Managed Fund. From July 1 it will be sharing the gig with Allianz and Employers Mutual.

The self-insurance scheme is owned and underwritten by the Government to provide insurance for all its agencies.

NSW Treasurer Andrew Refshauge says the three-insurer decision will help to “reduce overall claims costs, improve efficiency and minimise risks associated with exposure to just one insurance provider”.