Risk and insurance benchmarking
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Risk and Insurance Benchmarking. A comparison: 2008 - 2010. Property/ISR trends 2004 - 2010. General & Products Liability. In terms of cost expressed as a percentage of University revenue (for all Australian respondents) there was a slight decrease from 2008 (0.030%) to 2010 (0.027%).

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Risk and Insurance Benchmarking

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Risk and insurance benchmarking

Risk and Insurance Benchmarking

A comparison:

2008 - 2010


Property isr trends 2004 2010

Property/ISR trends 2004 - 2010


General products liability

General & Products Liability

  • In terms of cost expressed as a percentage of University revenue (for all Australian respondents) there was a slight decrease from 2008 (0.030%) to 2010 (0.027%).

  • For Australian respondents there were nine claims reported in the 2008 survey but 28 in 2010. No claims were reported by NZ respondents for either years.

  • Deductibles for Australian respondents ranged between $2500 and $100000 in 2008 and $1500 and $100000 in 2010 with most $10000 or less. On average, however, they were greater in 2008 than 2010.

  • NZ excesses ranged between $1000 and $5000.


Professional indemnity

Professional Indemnity

  • Costs expressed as a percentage of total revenue on average remained relatively stable over the two surveys but within the various University categories there appeared considerable differences.

  • There were 11 claims (Australia) reported in the 2008 survey and 13 in 2010. NZ respondents reported three claims in 2008 but none in 2010.

  • Deductibles ranged between $5000 and $150000 (2008) and $5000 and $100000 in 2010 with the majority falling within the $5000 to $20000 range.


Medical malpractice

Medical Malpractice

  • Costs expressed as a percentage of total revenue fell from 0.022% to 0.019% over the period.

  • There were three claims reported in the 2008 survey but none in 2010.

  • Deductibles ranged between $5000 and $500000 in both survey periods.

  • No NZ respondents reported on this class of cover in either survey.


Clinical trials

Clinical Trials

  • Not all Australian respondents were involved in clinical trials and no NZ respondent reported on this class of cover in either survey.

  • No claims were reported in either survey.

  • A valid comparison of costs between the two surveys could not be made.


Directors officers liability

Directors & Officers Liability

  • Costs expressed as a percentage of total revenue fell (for Australian respondents) from 0.01% to 0.008% and from 0.004% to 0.002% for NZ over the period.

  • In Australia, there were three claims reported in the 2008 survey and five in 2010. NZ respondents reported no claims in either survey.

  • Deductibles for D&O Liability ranged between $0 and $25000 (NZ $0/$50000) in 2008 and $0 and $5000 (NZ $0/$2500) in 2010.

    For Company Reimbursement, deductibles of between $5000 to $1M (NZ $2500/$5000) were reported for 2008 and $0 to $25000 (NZ $5000) for 2010.


Total premium trends 2004 2010

Total premium trends 2004-2010


Total premium trends 2004 20101

Total premium trends 2004-2010


Motor vehicles

Motor Vehicles


Miscellaneous classes

Miscellaneous Classes

The most common of these are:

  • Travel, Personal Accident/Student PA – held by all Australian respondents over both survey periods

  • Contract works – taken out by only a few respondents

  • Fidelity – a few in 2008 but only one in 2010

  • Crime – one only in 2008 but six in 2010

  • Marine transit – the majority in both years

  • Employment Practices Liability, Statutory Liability, Supplementary Legal Expenses, Expat Medical, Mobile Plant and Marine Hull – rarely taken out


Broker usage 2008 2010

Broker usage - 2008-2010


Risk management teams

Risk Management Teams


Risk management teams1

Risk Management Teams

Top operational responsibilities – similar for both surveys:

  • Risk

  • Internal Audit

  • Business Continuity

  • Insurance

  • Compliance

  • Legal

  • Fraud

  • OHS

  • ERM

  • Crisis Management


Risk management processes 2008 10

Risk Management Processes 2008/10

Methodologies and Frameworks


Notes acknowledgements

Notes & Acknowledgements

Notes:

1.Responses for each survey are not from the same set of institutions

2.Valid comparisons for NZ respondents were not always possible due to lack of data

Acknowledgements:

1.Deakin University and its Risk Management Unit, in particular SnezanaHristovska, Karyn Hughes and Anita Amour

2.All respondents


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