WorkCover Queensland incurred net claims of $1.14 billion last financial year, down 7% due to a lower outstanding claims liability.

There were fewer new common law claims than expected, legal settlement values fell and there was an increase in expected common law claims that will be finalised without a damage payout, the annual report says.

A sharemarket rise helped WorkCover make a net investment return of 9.7%, up from 3.4% last year.

The workers’ compensation scheme insures more than 153,000 employers and is 110% funded.

It received more than 88,000 claims in the year – 90% of the state’s workers’ compensation claims.

Almost all common law claims were settled out of court. Gross common law payments fell 10% to $461.5 million, while statutory claims, including weekly compensation and medical costs, increased 7% to $737.7 million.

The State Government reviewed the scheme this year, and the report says the recommendations will continue to be investigated and implemented.