VMIA’s purpose is to build a confident, resilient Victoria through world-leading harm prevention and recovery.
We work with our clients to create safer communities that are confident to respond to risks and threats.
VMIA was established by the Victorian Managed Insurance Authority Act 1996 and reports to the Minister for Finance.
We advise and insure more than 4,300 clients. These include Victorian Government departments, statutory authorities and agencies, as well as hospitals, tertiary institutions, health centres, community service organisations, national parks, museums and cemetery trusts. We also cover infrastructure such as state roads, rail and bridges.
In addition, under the Domestic Building Insurance program, we provide insurance cover for approximately 15,000 Victorian residential builders.
Our current portfolio represents approximately $173 billion in assets.
Our core business is in two areas, prevention and recovery:
- Helping the state prepare for, prevent or reduce the impact of harm (prevention)
- Helping our clients restore services and recover quickly (recovery)
As a risk management adviser, we enable our clients to deliver programs and services for the Victorian community through helping them to better understand and manage risk. Having effective risk management in place helps organisations make better decisions and improve performance - which is essential for developing and delivering quality services.
Our client training focuses on building risk management capability, through workshops, client training programs, forums, consultations and site visits. Through our training and consultation, clients improve their capability in limiting their exposure to potential damage and disruption in service delivery.
Our risk services and tools are informed by the Victorian Government Risk Management Framework (VGRMF) based on the current risk standard: AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines. The tools are aimed at building skills in managing risk and quickly repairing services in the face of an event.
The other side of our focus is recovery, which is where we look to restore services and repair assets as quickly as possible to enable Victoria to recover quickly. VMIA is dedicated to respond to incidents and crisis events promptly and efficiently. Our commitment is to have Victoria’s public assets available for Victorians in the shortest possible time after any incident.
In assessing insurance claims from our clients, we adhere to model litigant guidelines, which means processing claims fairly, promptly and without unnecessary delay.
As the State’s insurer, we developed tailored insurance products which cover most aspects of government operations and infrastructure, including hospitals, schools, roads, rail, buildings, as well as people - doctors, nurses, kindergarten staff and others who provide important services to the people of Victoria.