icare tmf actuaries undertake an in depth analysis of each pool’s claims costs experience, looking at the trends in experience and forecasting what other factors may affect the cost and frequency of claims going forward. For example, new legislation or improved work safety initiatives may work to increase or decrease the future cost of claims.
Data is collected from agencies each year on payments made on claims for the previous two calendar years. This is known as reported incurred costs. Individual claims are capped at a threshold value and major events e.g. major flooding are excluded so as not to disadvantage any particular agency which may have been significantly impacted by those events.