Payment of claims from collapsed insurers kicks off
Tuesday March 09 2021
By OTIATO GUGUYU
Summary
The Insurance Regulatory Authority (IRA) said they have began processing claims of Concord insurance which collapsed eight years ago and will move to Standard insurance company.
The Insurance regulator said it is tapping into the Policyholders Compensation Fund (PCF) set up 16 years ago for the first time to settle claims of the failed insurer, opening the way to pay back claims for other insurers.
The insurance regulator has started making Sh250,000 payout to policy holders and beneficiaries of collapsed insurers, making the first compensation in decades.
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Deliveroo’s annual workers’ compensation premiums have fallen from nearly $870,000 to $217,000 after it stopped insuring food delivery riders under its scheme, exposing the state insurer to the costs of uninsured claims.
Internal documents seen by
The Sydney Morning Herald show Deliveroo workers made more than half the claims – 53 out of 96 for compensation from February 2, 2019.
Deliveroo no longer covers its riders under the workers’ compensation scheme, raising concerns for the NSW insurer about its exposure to a growing number of claims from uninsured food delivery riders.
Credit:Trevor Collens
An increasing number of injuries and deaths, including those of five food delivery riders (who worked for several companies) within a two-month period late last year, will be among issues raised at a NSW parliamentary inquiry from Tuesday.
Uninsured food delivery riders expose state insurer to rising costs theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.