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State shifts to captive insurance, risk division reports savings and new self-insurance limits
Summary
The Division of Risk Management told legislators it used captive insurance to reduce property insurance costs for the state's $62 billion portfolio and is self-insuring higher amounts for property and liability, while urging continued loss-control work across agencies.
Rachel Terry, director of the Division of Risk Management, briefed the General Government Appropriations Subcommittee on the division's recent move to captive insurance and a larger self-insurance program that the division says reduced property insurance costs.
"We deal with the tragic and the crazy," Terry said, describing the division's portfolio and responsibilities for state property, auto and liability insurance across state agencies, higher education and K–12.
Terry told the committee the division restructured property insurance by using captive insurance entities, which the division owns and which allow the state to…
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