Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
ICRMP warns of volatile property reinsurance market; county holds executive session on claims
Summary
Tim Osborne of ICRMP briefed Kootenai County commissioners on acute volatility in the property reinsurance market that required higher program retentions and prompted ICRMP to adopt interim billings for significant increases in insured values.
Tim Osborne, executive director of the Idaho Counties Risk Management Program (ICRMP), told Kootenai County commissioners that dramatic market shifts in property reinsurance since 2022 forced ICRMP to raise program retentions and that the program is introducing interim billings if a member’s total insured value (TIV) rises by more than $5 million between annual reporting dates.
Osborne summarized the market drivers: a prolonged soft reinsurance market followed by pandemic-related supply-chain inflation, major catastrophe losses (including hurricanes and convective storm losses), and a capacity crunch in 2023 that pushed reinsurers to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
