The Queensland Government Insurance Fund (QGIF), administered by Queensland Treasury, is a self-insurance arrangement into which government agencies pay premiums to meet the cost of expected claims and to build reserves to cover the cost of future potential liabilities.
Claims are paid out of Queensland Treasury’s Administered accounts, while the provision for future claims is held at the whole-of-government level.
Investments to sufficiently cover the government’s outstanding claims liabilities are held by the Queensland Treasury Corporation within its long term assets. The fund reinsurance program has been in place since 1 November 2011 and is subject to annual renewal.
QGIF claims liabilities and associated investment balances are reported each year in the Queensland Government’s Report on State Finances.
QGIF’s financial summary is detailed in Queensland Treasury’s Annual Report.