Insurance - 2024/25 Budget Assumptions
Insurance is potentially a formation’s largest expenses. Also, as insurance is renewed on 31 March each calendar year, typically invoices are issued after budgets and group fees are set.
In an effort to support formation budgeting, and as part of our standard processes we provide our budget assumptions prior to the end of each calendar year. These assumptions can only be taken as estimates, and may not reflect the final costs, however we endeavour to provide quality advice based on our understanding of:
1. Current global market factors
2. Scouts Queensland Claim history
3. Risk management
4. Membership Growth
5. Increase is asset valuations (i.e. increases in banded property values
Actual cost will not be known until renewal occurs on 31 March 2024, with formations invoiced soon thereafter.
In 2024/25 we are anticipating a 10%-15% increase in overall insurance costs
To further assist formations this year we have prepared an Insurance Estimator. This will assist formations to estimate their insurance costs. This also provides an indication of the increased per member based on average membership (note this includes both youth and adult members).See below for a link to the estimator.
Please reference the value of property and equipment, as listed in the 2023 Property Return, noting that property banding level have increased from the previous year.
For public liability consider the average membership numbers, as recorded in SMS over the year
Related Articles
Group Insurance Allocation - FAQ
The Scout Association of Australia Queensland Branch Inc. maintains insurance coverage in select areas to cover the broad standard operations of the organization. This is renewed each year on the 31 March, with associated costs on-charged to groups, ...2023 Insurance Update
Each year on the 31 March Scouts Queensland renews its insurance policies, following which insurance invoices are sent to formations. In 2023 the renewal was particularly challenging as we have sought to minimise cost increases as well as minimise ...Insurance Fees/Deductibles
An insurance deductible, is the amount that the association is required to pay before insurance kicks in with their share of an insured loss. Across the Scouts Queensland insurance portfolio there are variety of different deductibles. For example: ...A Guide to Completing the Annual Property Return
Introduction As part of Scouts Qld's insurance renewal process and as specified in QBSI 5.6.8. , formations are required to review and validate their property records and values through the Annual Property Return. This directly impacts the insurance ...Vehicle Insurance Explained
Introduction Scouts Queensland owns and operates several different types of vehicles, in support scouting activities. These include but may not be limited to: Trailers Motor vehicles Tractors Ride on mowers Buses These assets, when recorded through ...