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Cromwell board hears preliminary 52% Cigna renewal; brokers exploring carve-outs, partnership and other bids
Summary
Insurance brokers told the Cromwell Board of Education that a preliminary Cigna renewal for the town+board is 52%, citing a worsening loss ratio driven by expensive prescriptions and many high-cost claimants; brokers said Aetna declined and they'll return with alternative quotes and partnership estimates at the next meeting.
Insurance brokers from the Alara Group told the Cromwell Board of Education on Feb. 3 that a preliminary renewal from Cigna would raise the district's health-insurance costs sharply. "The Cigna preliminary renewal came in at 52%," broker Dave Caslin said, attributing the increase to a worsening loss ratio and concentrated high-cost claims.
The broker described two related trends driving the jump: a growing share of prescription-driven costs and an unusually large number of expensive claimants. He reported there were 73 claimants with more than $25,000 in claims in the past 12 months across the town and board combined, and 24 claimants with claims above $100,000. "When they ran the analysis,…
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