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
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