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Evaluating Risk Retention Strategies in State Risk and Insurance Management

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lawson
13 diapositives · 268 Views · Jul 13, 2014

This workshop, presented by Steven P. Kahn, CPCU, ARM, explores vital aspects of risk retention strategies pertinent to state risk and insurance management. Key topics include assessing the total retained losses, estimating long-term costs of risk, and understanding the state's retention capacity to align with financial objectives. Participants will engage in discussions about funding sources, payment of unexpected losses, and the balance between retained risks and insurance. This session aims to equip attendees with knowledge to navigate risk planning effectively.

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  1. To Retain or not to Retain – That is the Question To Retain or not to Retain – That is the Question Strategic Planning Workshop Presented to: STRIMA State Risk and Insurance Management Association September 16, 2009 Presented to: Presented by: Steven P. Kahn, CPCU, ARM | Managing DirectorARM Tech / Aon Global Risk ConsultingPhone: 949-470-4341 Fax: 847-953-1672email: steven_kahn@armtech.com Presented by: Steven P. Kahn, CPCU, ARM | Managing DirectorARM Tech / Aon Global Risk ConsultingPhone: 949-470-4341 Fax: 847-953-1672email: steven_kahn@armtech.com

  2. Risk Financing Objectives • Lowest long term cost of risk • Cost stable within selected parameters

  3. Cost of Risk • Retained losses • Risk transfer costs • Program operation expenses Balance these costs to achieve desired outcome

  4. Estimate Total Retained Losses Projected Ultimate Losses (000)

  5. Determine Large Losses Number of Claims Exceeding $250,000

  6. Observations on Expected Losses • $20 to $23 million per year total • Individual claims exceeding $2.5 million are rare

  7. What is Risk Working definition: • Deviation of actual results from expected results • We are concerned with your ability to retain the unexpected

  8. Risk Retention • How much can the state afford to retain and still meet major financial objectives?

  9. Source of Funds • Risk management internal service fund • General fund ending balance • Special or enterprise funds • Sale of bonds • Governors reserve • Catastrophe reserve • Tax increase (not likely)

  10. Payment of Unexpected Losses • In the aggregate • Per event

  11. Loss Retention Capacity • Sum of • Losses state can expect to pay • Unexpected losses state can afford to pay and still meet major financial objectives • Determine amount per event and aggregate

  12. Schedule of Current Insurance

  13. Other Considerations • Amount state can afford to retain vs amount it makes sense to retain • Credit for alternative retentions • Need for a particular service • Contractual requirements • Legislative mandates • Can’t insure some losses • Multi-year retentions • Buy in from senior management