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PRISM officials warn rising ‘‘social inflation’’ and large verdicts are driving local insurance costs higher
Summary
PRISM and broker Alliant told the Board that increasing large liability verdicts, climate‑driven catastrophe losses and a hard commercial reinsurance market are pushing public‑entity insurance costs up. County risk staff and supervisors discussed legislative tort‑reform advocacy and member education.
PRISM, the public entities insurance pool, and broker Alliant presented to the Inyo County Board of Supervisors on Oct. 7 about why liability and property insurance costs for public entities in California have risen and what the pool is doing to mitigate those increases.
Gina Dean, PRISM chief executive, told the board that PRISM is a member‑directed joint powers authority that pools premiums for more than 300 public entities and delivers coverage, loss control services and training. She said PRISM uses investment earnings and actuarial rate setting to reduce…
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