The Director of Finance reported upon progress made against the objectives for corporate risk and insurance management and the anticipated developments in the coming months including the plans for 2012/2013. An item of note was that seven schools which had Academy status or were in the process of converting had now taken out Service Level Agreements with the Risk & Insurance Team for professional advice and support in relation to insurance. Academies could not be covered by the Council policy so had to obtain their own insurance and the support package had provided income to the Insurance Fund.

He commented also that the Insurance Fund Budgets for 2012/2013 had been agreed by the Cabinet on 24 November 2011 (minute 198 refers). In overall terms costs were expected to be lower than for 2011/2012 but the premia being allocated upon historic claims data had resulted in an increased charge to General Fund services and a reduced charge to Schools.

Resolved – That regular update reports be presented to future meetings of the Committee on the work around Risk and Insurance which seeks to support the Risk Management Strategy and maintain the successful management of the Insurance Fund.