During a recent government meeting, Tom Furman, Risk Manager from the Finance Department, presented the renewal details for the P Corp Insurance Program, revealing a significant increase in costs for the upcoming policy period. The renewal cost is set at $1,375,506, reflecting a 30.3% rise from the previous year's cost of $1,055,670. This increase is attributed to a 12.25% average rate hike among P Corp members and a 20.5% rise in total insured value, which now stands at $921 million.

Furman noted a concerning trend in claims, with the county reporting 52 claims during the last policy period, a 50% increase from the previous year’s 26 claims. The rise in claims has been largely driven by motor vehicle incidents involving the Transportation Department and a surge in medical-related lawsuits filed by pro se inmates at the prison. In response to these developments, Furman plans to schedule a claims review meeting to address all pending claims with P Corp.

Despite the challenges, P Corp continues to provide valuable services, including loss prevention grants of $30,000 and risk management credits of 4% and 5%. Furman emphasized that P Corp remains one of the few programs in Pennsylvania capable of offering comprehensive coverage, including cyber insurance, through a unified program.

Looking ahead, Furman indicated that discussions will take place regarding increasing retention amounts on liability and property claims to potentially mitigate future premium increases. He recommended accepting the renewal and maintaining membership alongside the other 52 counties in the risk pool. The meeting concluded with a question regarding the potential for premium reductions if claims decrease in the future, highlighting ongoing concerns about the financial implications of rising claims.