Treasury Managed Fund

Administered by icare self insurance, the fund provides government agencies and related businesses with comprehensive protection.

The first of its kind in Australia, the Treasury Managed Fund (TMF) is the largest public sector insurer, offering the broadest cover available to government agencies. It's also equivalent to the fourth largest general insurer in the country based on the value of outstanding claims.

The Fund indemnifies participating agencies with a comprehensive program of financial protection while providing confidence that unforeseen losses will have minimal impact on the State budget and the NSW community.

What is covered in TMF

  • workplace injury
  • legal liability
  • loss or damage to government assets
  • motor vehicle
  • travel protections
  • volunteer workers

How the fund works

As members of the TMF, agencies and government related businesses are indemnified for all insurable risks. 

Claims are funded by deposit contributions from members and administered by contracted claims agents on icare Self Insurance’s behalf.

The value of the deposit contributions made by each member agency are assessed by actuaries using a combination of industry benchmarks, agencies’ risk exposure measures and claims history.

Working with the best claims providers

Since 2005, the TMF has operated a multi-provider model for claims management, relying on a close network of supplier relationships with best practice providers.

There are four claims management service providers (see the table below), each assigned to a claims management portfolio, or portfolios.

Beyond partnering with claims management providers, icare self insurance’s provider model includes risk management, legal, reinsurance, and actuarial services.

TMF portfolios and providers

Portfolio Provider
Workers Compensation No. 1 Allianz Australia Insurance Ltd
Workers Compensation No. 2 Employers Mutual Limited
Workers Compensation No. 3 QBE Insurance (Australia) Limited (QBE)
Health Liability (medical malpractice) GIO General Pty Ltd
Visiting Medical Officer (VMOs) GIO General Pty Ltd
General, (property, motor vehicle, legal liability (includes but not limited to common law liability, public liability, product liability, professional indemnity, directors/officers liability, contractual liability), travel, events) GIO General Pty Ltd