Profit soars as Workcover WA cuts expenses
WorkCover WA made a $17.9 million profit for the year to June 30, up from $7.1 million the previous financial year.
Revenue fell slightly to $21.4 million from $21.5 million, while insurer contributions were up to $2.7 million from $2.4 million.
Total income grew to $39.2 million from $34.7 million, driven by a $4.4 million drop in claims liability.
Employee benefits fell slightly to $13.9 million from $14 million.
The amount spent on claims was also tightened, to $1.2 million from $7.8 million. This helped produce a large drop in total expenses, down to $21.5 million compared with $27.7 million the previous year.
There were 11 complaints against WorkCover WA’s nine approved insurers during the financial year. Two were substantiated, although the annual report gives no details.
Two complaints were dismissed and four resolved by the parties involved. One complaint was withdrawn and the rest were dismissed as being outside the authority’s jurisdiction.
Self-insuring entities attracted no complaints during the year.