Claims

The All Open Claims (number of claims) Graph shows a  count of the number of open claims currently managed by VMIA, grouped by type of claim.
   The All claims trended (number of claims by financial year) graph shows a count of the number of claims raised in the financial year to date, and the two previous financial years.

 

Claims cost


The Exposure to claims graph shows a sum of the cost exposure for all current claims being managed by VMIA.

The  All claims costs trended (by financial year) chart shows a sum of the claims cost for current financial year to date and for the previous two financial years.

 

Benchmarking


The Benchmarking graphs show the Claims or Claims Cost against the peer group with indicators to show the 25th percentile, median and 75th percentile.

  1. Your organisation's performance is captured in a single data point. Poor performance is represented by data points towards the top of the chart, excellent performance is represented by data points towards the bottom of the chart.
  2. The top (H) point of the span represents the 75th percentile of performance. In this peer group, 75% of organisations achieved this level or higher.
  3. The median captures the median in this peer group. In this peer group, 50% of organisations achieved this level or higher.
  4. The bottom (L) point of the span represents the 25th percentile of performance. In this peer group, 25% of organisations achieved this level or higher. 

For general insurance the peer grouping is based on asset value and calculated by dividing the number of claims, or total claims cost, by total asset value (as determined by the Valuer-General Victoria).