VMIA was created through an act of parliament to provide insurance cover for the state's assets services and people, as well as provide advice on managing the state's risks.
Being the state's dedicated insurer allows us to not only cover the parts of the state's activities that commercial insurers don't cover, but to also offer higher limits in our policies.
For each Insurance portfolio we work out the funds we need to ensure all of our clients are covered.
We evaluate the cost of client claims and factor in management costs, we also reduce the amount required based on estimated income from Investments.
Our successful long-term investment strategy is a key reason we can offer lower premiums than a commercial insurer.
The result is a premium pool for each Insurance portfolio, we then divide the cost of the pool between the clients in the portfolio.
Your individual premiums are calculated to take into account your actual claims history, your potential for future claims and your risk exposure.
As Victorias state owned insurer, we can provide lower premiums and broader coverage compared to the commercial insurance market.
We aim to shield clients from volatility and provide the most comprehensive coverage to protect your insurable risks at a cost effective and sustainable price.
We also provide claims reduction advice, which aims to identify and communicate claims insights to our clients and work with them to reduce the frequency and cost of claims.
WMIA partnering with you, to provide the right cover.
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