Issue - meetings

Report FSD20077

The report advised Members of the position of the Insurance Fund as at 31st March 2020 and presented statistics relating to insurance claims for the last two years. In 2019/20, the total Fund value increased from £3.984m to £4.396m. A mid-year review of the Fund had also been carried out and it was estimated that the final Fund value as at 31st March 2021 would increase to approximately £4.6m.  The Committee noted that the position would continue to be monitored throughout the year.

In response to a question from the Chairman concerning whether the value of the insurance fund was too high, the Insurance and Risk Manager explained that currently insurance claims were unpredictable and there was potential for significant claims to be received.  Consequently, in the current climate it was prudent to maintain the value and undertake a review at the end of the next financial year. 

The Committee noted that at this point in time it was not possible to identify any significant trends in relation to the impact of the Covid pandemic.  Personal injury claims could be submitted up to three years after the incident and therefore it was a little too early to analyse the impact.  Generally the bulk of claims made to local authorities were public liability and highways claims and as yet there had not been a significant reduction in the number of claims received, although there had been a slight increase in the number of cycling claims due to issues with highways and potholes.

RESOLVED: That the Portfolio Holder be recommended to note the report.