The major risks in the Department are the security of assets and accidents resulting in workers compensation and insurance claims.

The Department has full workers compensation, motor vehicle accident, property, liability and miscellaneous cover provided by the Treasury Managed Fund (TMF) managed by GIO General Limited.

The TMF is a self-insurance scheme which provides a systematic and coordinated approach to the practice of risk management.

Under this structure, benchmarking was introduced as a gauge of performance with premiums determined by a combination of benchmarks and the Department’s claims’ experience.

In respect of the Department’s 1999/00 workers compensation premium, although there was a minor improvement in the benchmark, there was a still a significant shortfall between the funding provided by Treasury and the actual premium paid by the Department.

There was a small decrease in the Department’s motor vehicle insurance premium due to an improvement in the benchmark and a decrease in the number and cost of claims.

Risk management policies and procedures are continually being reviewed, with the aim of enhancing the Department’s risk management profile, thereby reducing future premiums.

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