Insurance for NSW manages the Treasury Managed Fund (TMF) on behalf of the NSW Treasury. It provides a comprehensive state of protection for NSW government agencies.
The Treasury Managed Fund is a self-insurance scheme created by the NSW government to insure NSW government agency risk. It delivers on the government’s responsibility to keep the people and property of the state safe.
As members of the TMF, agencies and government related businesses are indemnified for all insurable risks.
Claims are funded by deposit contributions and managed by selected service providers.
The value of the deposit contributions made by each member agency are assessed by actuaries using a combination of industry benchmarks, agencies’ risk exposure measures and claims history. This ensures that individual large claims do not distort the individual agencies contribution.
Agencies are able to directly influence their contribution through effective risk management. To find out how contributions are calculated and how you and influence them, visit our member portal.
The TMF was created so NSW Government agencies are fully covered when something goes wrong. It provides a level of cover that is not available in the commercial market at an affordable cost.
The government can insure against almost any liability, injury, loss or damage that may be suffered by individuals who work for and assets owned and run by its agencies. The coverage is worldwide.
The fund is protected from large-scale insurance losses such as natural disasters, terrorist attacks and even cyber-attacks through a comprehensive reinsurance program. This transfers the impact of large claims away from the NSW Government and into the commercial insurance market.
The TMF covers the big things - NSW icons including the Opera House, the Harbour Bridge and the State Library.
It also covers day-to-day incidents. If you have a car accident and damage the front of the government vehicle you used to drive to a work meeting, you will need to use the scheme. Or if you are at work on government premises and slip and fall, hurting your arm (or worse) you’ll also need to use the TMF.
There are two streams of cover:
The TMF provides cover to people working for a NSW Government agency who are travelling overseas for work. For more information on the cover, what to do before you travel and emergency travel assistance, please contact your employer or refer to the full Statement of Cover. Cover varies depending on whether an agency is covered by workers compensation legislation.
Finity provides actuarial information to icare, which is also available to members of the TMF. These include calculating contributions, reporting on trends, claims and payments and ad hoc requests for data.
Our reinsurance program protects from large-scale insurance loss by transferring the impact of catastrophic, large claims and large losses away from the NSW government and into the commercial insurance market.
Guy Carpenter & Company Pty Ltd is our current reinsurance service provider. Their contract commenced in 2020 and may run to a maximum 5 years.
We refer legal matters relating to claim decisions to a law firm appointed to the workers compensation stream of icare's legal services panel. The panel provides legal expertise, cost efficiency and sustainability.