QGIF's primary role is that of the insurer of Queensland Government departments and selected statutory bodies. The QGIF operation is based on an insurance company model, which means that insurance risk is underwritten to ensure that sufficient funds are available to meet the cost of claims. QGIF is responsible for the setting of insurance premiums and terms, the management of claims and the provision of insurance advice to insured agencies.
QGIF offers eight classes of insurance to departments and eligible statutory bodies. Departments and eligible statutory bodies have a responsibility to insure risk exposures that they have with QGIF, provided that the risk exposure is one that can be insured under one of the eight classes of insurance that are available. Government-owned corporations are not eligible to insure with QGIF and nor does QGIF provide insurance to any other non-State Government entities.
In its role as an insurer, QGIF underwrites risk exposure, issues insurance policies, invoices its insured agencies for premium and provides advice on insurance risk exposures. QGIF also manages claims that are made by the insured agencies seeking indemnity under their QGIF insurance policy for:
• cost of claims against them by third parties for damages or compensation;
• loss of or damage to insured property; and
• additional cost resulting from loss or damage to insured property, and personal accident and illness benefits for specified persons.
The management of a claim continues until it is resolved, all payments made, recoveries effected and the file closed. QGIF, as the claim manager, has the objective of managing claims so that the best outcomes available are achieved for the State of Queensland.
QGIF has an insurance advisory role across the whole of Government and a risk management support role for its insured agencies.