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PERFORMANCE
INFORMATION FOR OUTCOME 2
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Outcome
2.2.2—Contract Management |
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| QUALITY | | |
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| Target | | Result |
Comcover's contribution to improved risk management in Commonwealth
agencies will be measured by comparing the results of risk analyses over time. | | Benchmarking
exercise has commenced. First full risk management benchmarking exercise for Commonwealth
agencies commenced in June. Results expected by September 2001. |
| Comcover's performance will be benchmarked against general insurance
industry performance, using a range of ratios e.g. gross and net claims ratios,
reinsurance ratio, management fees ratios, underwriting ratios and administrative
expense ratios. | | Achieved—Comcover's performance
was favourable compared to industry standards other than the reinsurance ratio
and expense ratio. Both of these are affected by the decision to put in place
reinsurance policies that effectively protect the Commonwealth Budget from the
financial impact of large insurable risks. |
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| QUANTITY | | |
|
| Target | | Result |
Achieve rate of return on net assets of Comcover of 30 per
cent and maintain premiums at 10-15 per cent less than market. | | Surpassed—42
per cent rate of return.
Achieved—premiums maintained at 10-15 per cent
less than market. |
| Finalise closure
of the Commonwealth Motor Vehicle Registry. | | Achieved—CMVR
closed to new and renewing registrations from 1 December 2000. |
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