❓ Mr. Krsticevic questions the Treasurer regarding the financial status of the Catastrophic Injury Support (CIS) scheme, including revenue, payouts, reserves, and investment allocation. The Treasurer provides detailed financial figures for the scheme's operation.
AnsweredQoN 3633Legislative Assembly
Asked
14 August 2018
Member
Portfolio
Treasurer; Minister for Finance; Energy; Aboriginal Affairs
QuestionView source ↗
I refer to the $99 vehicle licencing charge in respect of the Catastrophic Injury Support (CIS) scheme, and ask: (a) How much funding has been collected since the scheme was implemented; (b) How much funding is anticipated to be collected within the 2018/19 financial year; (c) How much funding has been paid out by the Insurance Commission of WA in respect of the CIS scheme; (d) How much funding currently sits in reserves; and (e) How are the monies which are held for the scheme invested: (i) what percentage of funds are invested in Australian entities; (ii) what percentage of funds are invested in USA entities; and (iii) what percentage of funds are invested in international entities (other than those located within the USA)?
AnswerView source ↗
Answered
18 September 2018
Response time
9 days
(a) $284.5 million in insurance premium revenue has been received for the Catastrophic Injury Support (CIS) scheme between 1 July 2016 and 30 June 2018.
(b) $200 million is anticipated to be collected for the 2018-19 financial year.
(c) The total cost of CIS claims incurred between 1 July 2016 and 30 June 2018 was $317.4 million. This includes $14.7 million paid, and anticipated future claims expenses of $302.7 million.
(d) The reserves (Net Assets/Equity) for the CIS scheme at 30 June 2018 are $66.3 million.
(e) Monies are invested to provide assets to meet insurance liabilities.
(i) 73%.
(ii) 10%.
(iii) 17%.
(b) $200 million is anticipated to be collected for the 2018-19 financial year.
(c) The total cost of CIS claims incurred between 1 July 2016 and 30 June 2018 was $317.4 million. This includes $14.7 million paid, and anticipated future claims expenses of $302.7 million.
(d) The reserves (Net Assets/Equity) for the CIS scheme at 30 June 2018 are $66.3 million.
(e) Monies are invested to provide assets to meet insurance liabilities.
(i) 73%.
(ii) 10%.
(iii) 17%.
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