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Rising liability and property premiums force county to raise self‑insured retention; HR reports $4.5M premium reduction
Summary
Human Resources risk staff told the Board of Supervisors that liability, workers’ compensation and property insurance costs have risen sharply in recent years and that the county acted to raise its self‑insured retention (SIR) to reduce next year’s premium. HR said the move trims the excess liability premium estimate by about $4.5 million.
Human Resources risk staff presented a detailed briefing on sharply rising insurance premiums and the county’s strategy to contain next year’s costs.
What HR reported - Premium trend: premiums for the county’s three major insurance programs (general liability, workers’ compensation and property) rose from roughly $6.2 million in FY 2019–20 to about $22.6 million in FY 2024–25, HR said. - Excess general liability exposure: the county’s estimated excess general liability (GL) premium at a $1 million self‑insured retention (SIR) was presented as about $18 million for fiscal…
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