During the period 1 January - 31 December 2024, the following outcomes regarding cost and performance measures related to the self-insurance program
were achieved. Comparison to 2023 results is provided at Figure 1.
1. Overall cost of the self-insurance program for 2024 was $2,847,086, compared with $2,845,528 in 2023.
2. Of the seven Licensee Key Performance Indicators (LKPIs) reported quarterly to the Safety Rehabilitation and Compensation Commission (SRCC) – all
measures are currently assessed as improving or stable (detail provided in report).
3. Claim payments made in 2024 were $204,743 (12%) lower than paid in 2023.
4. Provisional liability estimated as of 31 December 2024 is $19.1M, being a $1.1M increase in provision estimated at 31 December 2023 (projected future
claim costs to be paid by the University for the life of existing claims).
5. The number of incidents notifiable to Comcare in 2023 was two, compared with twelve in 2023. Notifiable incidents have a direct impact on the licence
fee charged to the University per year due to the cost of investigations or inspections conducted.
6. Claim incidence numbers increased with 34 new claims submitted in 2024, compared to 18 in 2023. It is therefore anticipated there will be an increase
in claim payments in 2025.
7. Active claim numbers are 46 as of 31 December 2024, compared with 39 active claims as of 31 December 2023.
8. Matters under dispute – there were 5 new appeals to the Administrative Appeals Tribunal (AAT) in 2024. Each of these matters is pending resolution.
The Australian National University
4 of 13
Annual self-insurance licence fee
The Safety Rehabilitation and Compensation Commission (SRCC) and Comcare operate on a full cost recovery model, with costs for performing their
functions recovered through the fees charged to licensees and premium paying agencies.
The University’s licence fee for 2024 – 2025 as set by the Commission was $642,369. The fee for 2023 – 2024 was $475,623. The increase this year was
largely due to changes to the WHS Act requiring increased resourcing within Comcare, as well as audits and inspections specific to ANU undertaken by
Comcare.
Reinsurance
The number of reinsurance providers in the market has reduced significantly in recent years. Due to lack of competition and global financial pressures, the
fee for this insurance has increased from 0.0343% of wages in 2023, to 0.0414% of wages in 2024.
Claim payments
Claim payments made in 2024 were 12% lower than paid in 2023.
Liability provision
Finity Consulting currently provides actuarial services to the University.
As of 31 December 2024, Finity Consulting assessed the required liability provision as $19.1M. This represents an increase of $1.1M from the December
2023 valuation. Figure 3 shows the provision over the last six years since commencement of self-insurance arrangements. A comprehensive year-end
Liability Report for 2024 has been provided by Finity Consulting in January 2025.
The Australian National University
9 of 13
4. Claims performance 2024
4.1 Third party Claims Provider Arrangement
The University currently engages Comcare as a third-party service provider for claims management. Comcare have agreed to provide these services until
30 June 2026.
A Deed of Agreement between the University and Comcare details the specific obligations of the claims manager, including actions the claims manager is
required to undertake to ensure the University complies with conditions imposed by its self-insurance licence. Comcare have co-located two Claims
Managers within the University Safety and Wellbeing team which continues to an efficient and customer focused way to deliver claims management
services.
4.2 Claim Costs
Table 4 details a breakdown of claims costs paid in this reporting period (1 January to 31 December 2024).
The Australian National University
11 of 13
