On 21-22 June 2018, QGIF General Manager Bill Dwyer joined international experts at an Asia-Pacific Economic Cooperation (APEC) Workshop, sponsored by the World Bank, on Financial Management of Public Assets against Disaster Risks in Tokyo, Japan.
Alongside panellists from Mexico, Indonesia, the Philippines, New Zealand, the Asian Development Bank and Asia Pacific Financial Forum, Bill presented on QGIF’s disaster risk insurance arrangements for public assets and QGIF’s experience of developing data collection to inform modelling and understanding of our exposure to natural hazards.
Key learnings from the workshop included new methods of data management, emphasising the importance of accurate and quality data in understanding disaster exposure and how other economies are facing similar challenges when it comes to data management. Bill has returned with the knowledge of a variety of different approaches and tools for damage assessment to better inform our understanding of disaster risks and financial decision making.
The conference provided a unique opportunity to share knowledge and experience with leading experts and other economies who utilise a wide variety of program and entity types for the insurance of public assets.
In August, QGIF will distribute Property Asset Schedules to Agencies for completion. These Asset Schedules provided important information regarding the nature, location, structural details and replacement values of all buildings and contents owned by each Agency. The importance of providing accurate and timely data to QGIF cannot be underestimated. This information is used to determine an appropriate premium having regard to the type, value and location of the assets to be insured, as well as the Agency’s claim history. It is also critical in securing the most cost-effective reinsurance terms for the State’s $86.3B worth of assets.