The objective of the fund is to enhance the Government's commitment to the Fiscal Principle of managing financial risk through identifying, providing for and funding the State's insurable liabilities. A Government self-insurance fund is considered the most effective way to achieve this objective. The fund is identified as the Queensland Government Insurance Fund (QGIF).
The benefits of the establishment of QGIF includes the provision to assist departments to manage their property and liability risks more effectively, enables Treasury to identify and manage catastrophic risks at the Whole-of-Government level and identifies liabilities so that provisions can be set aside as events occur and funding provided as claims payments are made.
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