Welcome to Riskpool
Riskpool In Run Off
Riskpool offered public liability and professional indemnity cover to its member councils from 1 July 1997 to 30 June 2017, a total of twenty years. At its peak, Riskpool was providing cover to 82 out of a possible 85 district, unitary and regional councils. Over those twenty years, Riskpool collected $128.6 million in member contributions (including additional contributions) and as at 30 June 2021 it had paid its member councils $170.1 million in claims.
Riskpool is now in run off. The Directors decided in February 2017 that new covers from Riskpool would not be offered from 1 July 2017. This was a difficult decision to make, but support from the sector had dropped, particularly from the larger councils, and without good support Riskpool could not offer the competitively priced cover and risk management services it was able to offer in the past.
It is expected that Riskpool will remain in run off for a further 3 to 10 years.
Finance and Member Calls
As at 30 June 2021, Riskpool’s accounts show a deficit of $3.8 million (2020: $2.9 million). In 2018, Civic Financial Services agreed to lend Riskpool up to $6 million at commercial interest rates. As at 31 October 2021 the loan from Civic Financial Services is $2.190 million. A call on Riskpool’s members before 30 June 2022 is not expected.
CLP (Civic Liability Pool) was structured to not require calls. All CLP claims are covered by ground-up reinsurance.
As with last year, this year's annual report includes the financial statements for both CLP and Riskpool. Riskpool’s financial statements by Fund Year, CLP’s Trust Deed and Riskpool’s Trust Deed and Scheme Rules are available here.