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Self-employed premium falls

4 April 2000

Self-employed premium falls

The government has reduced workplace accident insurance average premiums for the self-employed by 11% since last year, said Accident Insurance Minister Dr Michael Cullen.

Cabinet has confirmed a new average premium of $1.64 for every $100 of liable earnings, compared to $1.85 in 1999. Dr Cullen said despite privatisation of the workplace accident insurance market last year vast the majority of New Zealand's self-employed chose to stay with the Accident Compensation Corporation.

He said the self-employed average premium of $1.64 is relative to the new average employer premium of $1.16 per $100 of wages. The difference accounts for the higher-risk activities of the self-employed – fishing, construction, forestry and farming.

Last month Parliament passed legislation reversing the privatisation of accident insurance. From now on, no new workplace insurance can be written by private insurers and from July 1 2000 all employers, employees and the self-employed will be covered by ACC.

Dr Cullen said the Government has made significant changes to make life easier and more secure for the self employed. "For the first time under a state system they will be able to buy cover based on a negotiated amount rather than on their last year's tax returns. In the event injury prevents them from working, the self-employed will be able to buy accident cover to compensate for their own loss of earnings and to pay for the cost of replacement labour. In effect, they will be able to insure their livelihood, which will give them more security in the event of an accident ".


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