Risk Management - Overview of VMIA

Report
Overview of VMIA
IHEA Forum
Monia Choudhary
Mark Cleeve
August 2013
Core business is as a captive
insurer providing risk management
and insurance solutions
Important contributor to mitigation
of State’s risks
• VMIA established 1996
• More than 4,000 insured entities
• $5 million in risk management
funding
• $144 billion of assets insured
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Our Services Include:
Public Health
Insurance Program
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Property (ISR)
Construction Insurance
Public & Product Liability
Medical Indemnity
Professional Indemnity
Group Personal Accident
Directors & Officers
Liability
Risk Management
• Risk Framework Quality
Review (RFQR)
• Site Risk Surveys (SRS)
• Risk Project Funding
• Publications
• Tools & Templates
Training &
Development
• Training calendar
• Regional forums
• Online modules
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Property (Industrial Special Risks- ISR) Insurance
• Broad terms of coverage
• What is Covered:
• Buildings;
• Plant, furniture, equipment & all other contents;
• Loss of Revenue and/or Additional Costs of Working post property damage
• Covers all perils (fire, flood, earthquake etc.) except as specifically excluded
• What is Not Covered:
• Wear & Tear, Gradual Deterioration, War, Nuclear
• Deductible/ Excess under the policy applicable to all claims:
• Varies according to asset value - $500 to $2,500
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Public & Products Liability (PPL) Insurance
• Coverage for legal liability arising out of an occurrence in connection with the
business of the Insured
• Covers claims for compensation by third parties for personal injury or property
damage
• Excludes claims for pure economic loss (Professional Indemnity), Injury to
Employees (WorkCover) and Transport Accidents (TAC)
• Examples of Claims
• Trips & Falls
• Tree falling on vehicle
• Collapse of infrastructure – walkway, balcony
• Fire causes injury & third party property damage
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Site Risk Surveys (SRS)
• Risk Assessments of hospital sites by VMIA Risk Engineers
• Identify potential risk exposures and recommend treatment options
• Provides an objective view of property, public liability & business interruption
risks
• Assists with development of aggregate view of risks across the VPS
• Mitigates risks which positively impacts future premiums
• Provides estimates of Maximum Possible Loss
• Assists in the economic purchase of catastrophic reinsurance protection
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Site Risk Survey Process
• VMIA takes a Risk-based approach to Site Selection
• Annual visits to all sites where asset values >$500m
• Triennial review of all sites where asset values >$50m
• Other sites according to risk criteria, claims experience
• Procedure:
• Contact with Facilities Management to confirm suitable time
• Site Visit by VMIA Risk Engineer
• Draft Report issued to Health Service for concurrence
• Identified Risk Treatment Options (RTOs) pursued according to priority
rating
• Extreme Rating RTOs require immediate actioning
• High Rating RTOs followed up by VMIA until completion
• Medium & Low RTOs require attention at health service’s earliest
convenience
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Risk Treatment Prioritisation
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Site Risk Survey Methodology
Survey that analyses the following six elements of the site specific risk profile, and
evaluates the treatment, control systems and activities that serve to manage those
risks
• Hazards (natural, technological, human and operational in origin);
• Construction;
• Essential Services;
• Risk Management Systems;
• Building Services and Equipment; and
• Public Safety
• Identification of issues of importance which are assessed using probability and
consequence risk matrices
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Sector Results
Health Agencies
All Sectors
Adequate
Good
Very Good
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Other Risk Management Services:
• Available on VMIA website – www.vmia.vic.gov.au
• Guides & Publications
• Tools & Templates
Risk Register Software(http://www.vmia.vic.gov.au/Risk-Management/Tools-and-templates/Riskregister-software.aspx)
• VMIA offers a free, easy to use, secure software solution for risk managers
to record and report on key risks.
• Risk Register Software can help you:
• reduce time in risk management recording
• improve the quality of reports.
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Next Steps
• Working closely with Department of Health with respect to Risk Management
• Feedback from hospitals about SRS
• Ongoing development of tools and templates
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Health team - Your Relationship Managers at the VMIA
Liz Cox, Principal
Relationship Manager
T: (03) 9270 6996
M: 0408054845
E: [email protected]
Kirsty Ellis, Senior
Relationship Manager
T: (03) 9270 6917
M: 0417134752
E: [email protected]
Monia Choudhary, Senior
Relationship Manager
T: (03) 9270 6876
M: 0421412041
E: [email protected]
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