Actuarial Update Shows Higher Claims; Subcommittee Weighs Captive Insurance Options and Timeline
An updated actuarial report showed recent quarters' large claims raised projected insurance costs; presenters and legislators discussed using a captive to retain some catastrophe risk, RFPs for captive management and brokerage, statutory changes needed, and an estimated multi-month implementation timeline.
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An actuarial update presented to the ALC Executive Subcommittee found that insurance claims for the 2023–24 policy period were higher than previously estimated, driven largely by several large claims reported after the June 30, 2024 dataset, presenters said.
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