Public sector insurance provides tailored coverage for government entities, local councils, and non-profit organisations. It aims to protect them against liabilities, property damage, and operational disruptions. This type of insurance is critical in Australia due to the scale of public infrastructure and services requiring coverage.
Australia's frequent natural disasters increase the need for government action and make public sector insurance vital for protecting public workers and assets. The country’s emphasis on delivering comprehensive public services further shows the need for customised insurance solutions. By addressing risks like cyberattacks, extreme weather, and public liability claims, this insurance helps guarantee the continuity of important community services.
The Australian public sector insurance is adapting to climate change, rising cyber threats, and regulatory updates. Disasters like floods and extreme heat are driving up claims costs, with the Insurance Council of Australia advocating for resilient infrastructure to reduce long-term impacts. Brokers must also stay informed about these challenges:
Brokers should also consider the financial pressures from levies like the Emergency Services Levy (ESL), which significantly increase insurance premiums for New South Wales residents. Educating clients on these cost impacts and advocating for fairer funding methods can help address underinsurance. Proactively advising on these issues ensures clients are better prepared for emerging risks and industry changes.
This insurance primarily serves government agencies, local councils, and public institutions. These entities require protection due to their public service roles and the unique risks they face.
Yes, non-profit organisations often need similar coverage to safeguard against liabilities and property damage. Specialised insurance policies are available to address the specific requirements of non-profits, ensuring they are adequately protected.
This insurance includes various coverage options tailored to the unique needs of government entities and public institutions. Common coverage options include:
These coverage options are key for managing the diverse risks faced by public sector organisations, guaranteeing continuity of services and protection of public assets.
It protects clients by mitigating financial losses from unforeseen events, securing stability for government entities and public institutions. For example, during the 2022 floods in NSW, public sector insurance facilitated rapid repairs to damaged schools and infrastructure and allowed services to resume quickly. This coverage helps organisations manage risks effectively, safeguarding assets and operations.
Public sector insurance helps keep essential services running by covering costs during disruptions. For example, it funds temporary facilities during disasters so healthcare and education can continue. This reduces delays and maintains public confidence.
The Australian Government insures itself through Comcover, a self-managed insurance fund. Comcover provides comprehensive insurance and risk management services to over 160 government agencies.
icare is the primary provider of workers' compensation insurance in NSW, covering approximately 330,000 businesses and 3.4 million workers.
Established in 2015, icare is a state-run entity owned by the NSW Government, operating under the State Insurance and Care Governance Act. This act makes sure that governance is transparent and state insurance schemes are managed effectively.
icare is a government-owned corporation. Its board is accountable to the NSW Treasurer, who appoints both the board members and the CEO.
icare plays a key role in NSW's public sector insurance framework, managing schemes like workers' compensation and the Treasury Managed Fund. It also oversees the Lifetime Care and Support Scheme. This integrated approach improves efficiency and warrants comprehensive care across the state's public sector.
