Management Information Sheet
Sickness Insurance Scheme 2022-23
Due to the significant rise in claims from the scheme during 2021-22 we are currently forecasting a significant in-year overspend at 31 March 22. All reserves brought forward have been spent as well as a deficit position being forecast.
To rectify this and ensure sufficient funds in the scheme for 22/23, there is a need for premiums to rise, and this has been calculated at a forecasted 46% increase to ensure the fund can break-even during the new year.
Please note that the scheme is a mutual fund for the benefit of member schools and is only run to attempt to spread the risk across all member schools. Any reserves are used to protect future high demands on the scheme. As a result if 2022-23 pay-outs reduce significantly, we will reduce premiums for the schools 2023-24 financial year back in line with expected premiums to those schools that signed up for the 2022-23 year.