The State Insurance Regulatory Authority (SIRA) has reported on its progress against strategic priorities and operational objectives across the New South Wales Workers’ Compensation, Compulsory Third Party (CTP), and Home Building Compensation (HBC) schemes, which together provide protection for more than 10 million people in the state each year.
In its 2024-25 annual report, SIRA sets out how its regulatory activities have been directed toward scheme outcomes for injured workers, road users, and homeowners, while managing scheme performance and insurer conduct within its statutory remit. The report also marks the transition from the SIRA 2025 program to a new three-year strategy, SIRA 2028, which frames the organisation’s direction through to 2028.
Over the year, SIRA says it continued to apply a risk-based regulatory model, expanded its digital channels, and focused on customer-facing processes for scheme participants. More than 15,000 customer interactions were handled through SIRA’s support systems during the period, covering enquiries and complaints across the workers’ compensation, CTP, and HBC schemes.
The annual report outlines a series of scheme-level interventions and funding flows with implications for insurers and intermediaries operating in the NSW statutory classes. Within the CTP scheme, SIRA recouped $90.5 million through the Transitional Excess Profits and Losses mechanism during 2024-25, bringing total recoveries under that mechanism to $543 million. The framework is described as managing excess insurer profits relative to target returns and is one of the tools used to influence CTP premium levels.
In workers’ compensation, SIRA allocated $5.215 million to vocational programs funded through its regulatory arrangements. These programs were reported to have supported recovery and return-to-work efforts for more than 102,000 workers with an injury.
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Under the HBC scheme, SIRA reviewed 1,797 building projects for compliance with home building compensation requirements, as part of its oversight of construction-related risks and coverage. The regulator also reports that changes to its website and digital pathways now result in more than 1 million customer interactions per year.
Early this year, SIRA launched SIRA 2028, which sets its strategic direction over the next three years and builds on the agency’s earlier SIRA 2025 program. The strategy identifies five primary goals that will shape SIRA’s engagement with insurers, scheme agents, employers, builders, and other regulated entities:
SIRA describes the new strategy as an evolution of its existing regulatory model, intended to support scheme users now and in the future while responding to changes in claims experience, market structures, and stakeholder expectations.
