❓ Hon Steve Martin asks about the Home Indemnity Insurance fund balance and future liabilities, particularly concerning Nicheliving's impact. The Minister provides current fund balance and past liability, but future impact is unknown and premiums are not expected to rise.
AnsweredQoN 1248Legislative Council
QuestionView source ↗
COMMERCE
— HOME INDEMNITY INSURANCE
1248. Hon STEVE MARTIN to the Minister for Commerce:
I refer to home
indemnity insurance.
(1) What is the current balance of
the fund for home indemnity insurance?
(2) What was the
future claims liability of the fund at the most recent available date prior to
Nicheliving's building licence being rescinded?
(3) What is the future claims liability of the fund
now, factoring in the impact of Nicheliving's unfinished homes?
(4) Will indemnity insurance premiums
rise as a result of the now expected Nicheliving payouts?
— HOME INDEMNITY INSURANCE
1248. Hon STEVE MARTIN to the Minister for Commerce:
I refer to home
indemnity insurance.
(1) What is the current balance of
the fund for home indemnity insurance?
(2) What was the
future claims liability of the fund at the most recent available date prior to
Nicheliving's building licence being rescinded?
(3) What is the future claims liability of the fund
now, factoring in the impact of Nicheliving's unfinished homes?
(4) Will indemnity insurance premiums
rise as a result of the now expected Nicheliving payouts?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1) It is $40.2 million.
(2) The
Department of Energy, Mines, Industry Regulation and Safety engages an independent
actuarial consultant to assess future claims liability—FCL—associated
with home indemnity insurance—HII—on an annual basis. The most
recent assessment was completed on 31 May 2024, at which time the FCL was
assessed at $83.9 million. This figure represents an absolute worst-case
scenario, and the actual annual claims in previous years has never reached the
estimated FCL.
(3) This is not known. It will be considered in the
next actuarial assessment, which will be undertaken in 2025.
(4) No.
some notice of the question.
(1) It is $40.2 million.
(2) The
Department of Energy, Mines, Industry Regulation and Safety engages an independent
actuarial consultant to assess future claims liability—FCL—associated
with home indemnity insurance—HII—on an annual basis. The most
recent assessment was completed on 31 May 2024, at which time the FCL was
assessed at $83.9 million. This figure represents an absolute worst-case
scenario, and the actual annual claims in previous years has never reached the
estimated FCL.
(3) This is not known. It will be considered in the
next actuarial assessment, which will be undertaken in 2025.
(4) No.
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