The QGIF Insurance Policy is renewed on 1 July each year. The renewal process starts with QGIF requesting agencies to complete the following policy renewal documents:
- Property Asset Schedule
- Aviation Asset Schedule (if applicable)
- Marine Asset Schedule (if applicable)
- Drone Asset Schedule
- Insurance Particulars Form
Over several months, the collection and analysis of this underwriting information is used by QGIF’s Underwriting team to assess each Agency’s risk exposures and, in consultation with the State Actuary’s Office, determine the appropriate premium allocation for the next 12 months. Each Agency’s premium contribution is determined purely on a cost recovery basis.
Premiums are actuarially determined to ensure the total premium pool is sufficient to meet the cost of current and future claims. The total premium pools for each class of insurance are also submitted to QGIF’s Governance Committee for approval prior to the release of Insurance Premium Notices/Tax Invoices.
Every renewal, QGIF works closely with our clients to improve the quality and completeness of the data received to enable us to better understand the State’s financial exposure to losses. Having accurate and quality data is also critical in obtaining cost-effective reinsurance for the State’s catastrophic risk exposures on a whole-of-government basis.