Insurers in the NT workers’ compensation scheme had a “funding ratio” of 91% at June 30 last year, according to a report by PricewaterhouseCoopers (PWC).

The ratio shows the scheme’s ability in aggregate to meet its liabilities.

A figure below 100% “does not necessarily mean individual insurers will be unable to meet their obligations to the scheme”, the report for NT WorkSafe says.

“Insurers hold assets in excess of their liabilities due to [regulatory] capital requirements and their own risk appetite.”

PWC says self-insurers had a funding ratio of 123% at June 30 least year, up from 112% in 2012.

The insurers’ funding ratio improved from 78%.

Insurers’ premium rates over the past three underwriting years have been slightly higher than the break-even rate.

PWC says rates have been “more than sufficient” to cover the break-even cost for all accident years except 2009 and 2010.

Its projected break-even premium rate for this year is 2.2% of wages, slightly up on 2.1% last year and similar to 2012.

The number of claims incurred by insurers last year was up 2.9% to 2567. There were just 139 claims through self-insurers.

The average claim size for insurers was $37,000. For self-insurers it was $17,000.