❓ Hon Neil Thomson questions a significant increase in the Department of Justice's RiskCover premiums in the 2024-25 budget. The Department of Justice clarifies that the reported increase is due to an adjustment for property damage not initially included in the 2023-24 renewal notice.
AnsweredQoN 2086Legislative Council
QuestionView source ↗
I refer to the 2024-25
Budget Paper No 2 Volume 2, page 421, 'Other – RiskCover Premiums', and I note that RiskCover premiums for Justice increases from $4.5 million to $53 million in this Budget year, and I ask: (a) what is reason for the significant increase in RiskCover at Justice as opposed to other departments/agencies; (b) in reference to (a), why has this increase only appeared in the 2024-25 Budget; (c) in reference to (a), is there likely to be multiyear implications; (d) is the RiskCover premium paid by Justice likely to return to previous levels in future budgets; and (e) what actions has Justice undertaken to minimise the risk of further increases?
Budget Paper No 2 Volume 2, page 421, 'Other – RiskCover Premiums', and I note that RiskCover premiums for Justice increases from $4.5 million to $53 million in this Budget year, and I ask: (a) what is reason for the significant increase in RiskCover at Justice as opposed to other departments/agencies; (b) in reference to (a), why has this increase only appeared in the 2024-25 Budget; (c) in reference to (a), is there likely to be multiyear implications; (d) is the RiskCover premium paid by Justice likely to return to previous levels in future budgets; and (e) what actions has Justice undertaken to minimise the risk of further increases?
AnswerView source ↗
Answered
17 September 2024
Responded by
Minister for Emergency Services representing the Minister for Corrective Services
Response time
9 days
(a) – (e)
The Department of Justice advise that the RiskCover premium did not increase from $4.5 million in 2023-24 to $53.410 million in 2024-25. The Department received an adjustment notice from RiskCover for property damage not considered in the original 2023/24 renewal notice. This is required to be reported in the following year Budget Statement. Premiums depend on multiple factors which are often unforeseeable. The Department is required to report back to the Expenditure Review Committee on its insurance renewal costs on an annual basis.
The Department of Justice advise that the RiskCover premium did not increase from $4.5 million in 2023-24 to $53.410 million in 2024-25. The Department received an adjustment notice from RiskCover for property damage not considered in the original 2023/24 renewal notice. This is required to be reported in the following year Budget Statement. Premiums depend on multiple factors which are often unforeseeable. The Department is required to report back to the Expenditure Review Committee on its insurance renewal costs on an annual basis.
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