Is workers’ compensation less important than other insurances?

In late July 2018, the Victorian Auditor-General Office (VAGO) released a report into the insurance risks of several Victorian local councils.  It is reasonable to expect the costs of workers’ compensation insurance to be addressed in the report but this was not the case.  Although it is clearly an insurance product, the Auditor-General excluded workers’ compensation insurance.  This position continues to sideline workers’ compensation implying to Victorian Councils, if not businesses, that it is less important than other business insurances.

The best example of this implication is found on page 48 of the report in a graph