DOCSLIB.ORG

Property & Casualty Insurance Market Outlook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Property & Casualty Insurance Market Outlook Property & Casualty Insurance Market Outlook Budget & Finance Committee August 24, 2021 James Duff AVP Risk Management 0 Purpose of Briefing The purpose of this item is to brief the Committee on the state of the Property and Casualty (Liability) Insurance market and highlight the market challenges of the 2021 – 2022 insurance renewal period. Finance Department 1 Operations Insurance Programs • Coverages are marketed by Willis Towers Watson (WTW) ‒ Property ‒ Excess Rail Liability ‒ Excess Cyber Liability • Additional coverages are provided by Texas Municipal League (TML) – 2005 ILA ‒ Cyber Liability ‒ Hired and Non-Owned Automobile Liability ‒ Leased Premises Liability ‒ Errors & Omissions ‒ Losses resulting from theft, forgery and alteration, computer fraud, and employee dishonesty Finance Department 2 DART Insurance Coverages • Property Insurance – Current premium rate: $0.0504 (*$2,639,826) – Property values - $5.2 billion – Cost is shared with Trinity Metro for TRE. • Rail Liability Insurance – Current premium $3,095,411 – Positive Train Control (PTC) agreements require DART to increase coverage from $295 million to $323 million. – Cost is shared with Trinity Metro for TRE and DCTA • Estimated premiums increase is 15 – 20%. *Includes surplus fees. Finance Department 3 Current Insurance Market • Market continues to harden • Insurers leaving the market, reducing capacity • Sub-limits lowered and policy terms tightened by underwriters • Weather events and related losses are driving the market challenges: - Historic Hurricane Season - Wildfires - Flooding - Severe Storms • Carrier Consolidation • Market Exits and Carrier Withdraw • Underwriter Restrictions • Market is showing signs of stability Finance Department 4 Annual Insurance Renewal Strategy • Explore Rail Liability insurance partnerships and cost sharing opportunities. – Continue partnership with DCTA & Trinity Metro for TRE – Explore partnership with TEXRail & Grapevine Vintage Railroad • In conjunction with DART Legal, conducted a presentation for Rail Liability underwriters. • Prepared a presentation for property underwriters for Willis Towers Watson to distribute. 5 Self-Insurance Excess Fund • DART created the Master Insurance Reserve fund on April 26, 1988. (Resolution 880047). – The balance in this fund has changed over the years to meet the requirements set forth in Financial Standard G5, as amended. – As of July 31, 2021, the balance is approximately $21.3 million. • DART staff will evaluate the cost impact of self-insuring the top $100 million layer on the Rail Liability Program. • Following the evaluation, the Board will balance the amount of the premium to be paid in comparison to designating, or not being able to use the $100M in cash that will be sent aside for the self- insured amount. Finance Department 6 Next Steps • Obtain insurance quotes through Willis Towers Watson. • Evaluate and report to the Board of Directors a recommendation for creating a self-insurance fund. • On September 28, 2021, Risk Management will request approval from the Board of Directors to purchase Property insurance and Rail Liability Insurance. • Policies renew November 1, 2021. • Request to add TEXRail and Grapevine Vintage Railroad to DART’s Rail Liability Insurance program is scheduled for November 9, with a projected January 1, 2022, effective date. Sources: Willis Towers Watson Insurance Market Realities 2021 Willis Towers Watson Insurance Market Realities 2021 Spring Update Finance Department 7 8 8.
Load more

Recommended publications
  • American War and Military Operations Casualties: Lists and Statistics
    American War and Military Operations Casualties: Lists and Statistics Updated July 29, 2020 Congressional Research Service https://crsreports.congress.gov RL32492 American War and Military Operations Casualties: Lists and Statistics Summary This report provides U.S. war casualty statistics. It includes data tables containing the number of casualties among American military personnel who served in principal wars and combat operations from 1775 to the present. It also includes data on those wounded in action and information such as race and ethnicity, gender, branch of service, and cause of death. The tables are compiled from various Department of Defense (DOD) sources. Wars covered include the Revolutionary War, the War of 1812, the Mexican War, the Civil War, the Spanish-American War, World War I, World War II, the Korean War, the Vietnam Conflict, and the Persian Gulf War. Military operations covered include the Iranian Hostage Rescue Mission; Lebanon Peacekeeping; Urgent Fury in Grenada; Just Cause in Panama; Desert Shield and Desert Storm; Restore Hope in Somalia; Uphold Democracy in Haiti; Operation Enduring Freedom (OEF); Operation Iraqi Freedom (OIF); Operation New Dawn (OND); Operation Inherent Resolve (OIR); and Operation Freedom’s Sentinel (OFS). Starting with the Korean War and the more recent conflicts, this report includes additional detailed information on types of casualties and, when available, demographics. It also cites a number of resources for further information, including sources of historical statistics on active duty military deaths, published lists of military personnel killed in combat actions, data on demographic indicators among U.S. military personnel, related websites, and relevant CRS reports. Congressional Research Service American War and Military Operations Casualties: Lists and Statistics Contents Introduction ....................................................................................................................................
    [Show full text]
  • NFIRS 5.0 Self-Study Program: Fire Service Casualty Module: NFIRS-5
    NFIRS 5.0 Self-Study Program Fire Service Casualty Module: NFIRS-5 Objectives After completing the Fire Service Casualty Module the student will be able to: 1. Describe when the Fire Service Casualty Module is to be used. 2. Demonstrate how to complete the Fire Service Casualty Module, given the scenario of a hypothetical incident. 5-1 Table of Contents Pretest #5 - Fire Service Casualty Module. .5-3 Using the Fire Service Casualty Module. .5-4 Section A: FDID, Incident Number, Exposure. .5-4 Section B: Injured Person. 5-4 Section C: Casualty Number. 5-5 Section D: Age or Date of Birth. 5-5 Section E: Date and Time of Injury. .5-5 Section F: Responses. 5-5 Section G: Usual Assignment, Physical Condition Just Prior To Injury, Severity, Taken To, Activity at Time of Injury . .5-6 Section H: Primary Apparent Symptom and Primary Area of Body Injured. 5-7 Section I: Cause of Firefighter Injury, Factor Contributing to Injury, and Object Involved in Injury. .5-7 Section J: Where Injury Occurred, Story Where Injury Occurred, Specific Location, and Vehicle Type. .5-8 Section K: Contribution of Protective Equipment to Injury . .5-9 SUMMARY . 5-12 EXAMPLE: Highrise Fire. 5-13 EXERCISE SCENARIO 5-1: Fire Captain Injury on Scene of Fire . .5-16 EXERCISE SCENARIO 5-2: Cary Street Fire. 5-21 NFIRS 5.0 Self-Study Program Pretest #5 - Fire Service Casualty Module 1. The Fire Service Casualty Module is used to report injuries, deaths, or exposures to fire service, EMS, and other public safety personnel that occur in conjunction with any incident response.
    [Show full text]
  • MASS CASUALTY TRAUMA TRIAGE PARADIGMS and PITFALLS July 2019
    1 Mass Casualty Trauma Triage - Paradigms and Pitfalls EXECUTIVE SUMMARY Emergency medical services (EMS) providers arrive on the scene of a mass casualty incident (MCI) and implement triage, moving green patients to a single area and grouping red and yellow patients using triage tape or tags. Patients are then transported to local hospitals according to their priority group. Tagged patients arrive at the hospital and are assessed and treated according to their priority. Though this triage process may not exactly describe your agency’s system, this traditional approach to MCIs is the model that has been used to train American EMS As a nation, we’ve got a lot providers for decades. Unfortunately—especially in of trailers with backboards mass violence incidents involving patients with time- and colored tape out there critical injuries and ongoing threats to responders and patients—this model may not be feasible and may result and that’s not what the focus in mis-triage and avoidable, outcome-altering delays of mass casualty response is in care. Further, many hospitals have not trained or about anymore. exercised triage or re-triage of exceedingly large numbers of patients, nor practiced a formalized secondary triage Dr. Edward Racht process that prioritizes patients for operative intervention American Medical Response or transfer to other facilities. The focus of this paper is to alert EMS medical directors and EMS systems planners and hospital emergency planners to key differences between “conventional” MCIs and mass violence events when: • the scene is dynamic, • the number of patients far exceeds usual resources; and • usual triage and treatment paradigms may fail.
    [Show full text]
  • FIFTH CIRCUIT Chapter Exchange
    Chapter Exchange Top left: (l to r) U.S. District Court for the Eastern District of Louisiana judges Hon. Eldon Fallon and Hon. Carl Barbier. Top right: New Orleans Chapter: (l to r) President Kelly Scalise and President-Elect Raley Alford. FIFTH CIRCUIT New Orleans Chapter Annual Federal Judges’ Reception On Nov. 9, 2016, the New Orleans Chapter held its Annual Federal Judges’ Reception in the Chinoiserie Ballroom at the Windsor Court Hotel. This year’s event was sponsored by over 50 firms. The guests were treated to hors d’oeu- vres and sweet treats, as well as cocktails and wine. Many judges and magistrates Middle left: Board members Harold Flanagan attended from multiple federal district and Tiffany Davis. Middle right: (l to r) Hon. courts in Louisiana and from the U.S. Fifth Susie Morgan, U.S. District Court for the Circuit Court of Appeals. In addition to the Eastern District of Louisiana; Larry Feldman, McGlinchey Stafford; and Hon. Sarah Vance, members of the bench, over 300 members of U.S. District Court for the Eastern District of the federal bar were in attendance including Louisiana. Lower left: New Orleans Chapter: Chapter President Kelly Scalise, Chapter (l to r) Tricia Pierre, Louisiana State Bar President-Elect Raley Alford, and other Association; and Omar Mason, New Orleans members of the board of directors. Chapter board member. Annual Malcolm Monroe Federal Practice Series On Dec. 7, 2016, the New Orleans Chap- four topics particularly timely for young Chris Weema and Corey Dunbar, as well as ter and Younger Lawyers Division held its lawyers.
    [Show full text]
  • James Hillier
    14 City Lofts 112-116 Tabernacle Street London EC2A 4LE offi[email protected] +44 (0) 20 7734 6441 JAMES HILLIER Shadow & Bone Small Axe The Crown Television Role Title Production Company Director DCI Bill Raynott STEPHEN Hat Trick for ITV Alrick Riley Tony Leech DECEIT Story Films Niall MacCormack Jack Cocker CLOSE TO ME Viaplay / Channel 4 Michael Samuels Captain Churik SHADOW & BONE 21 Laps Entertainment / Netflix Lee Toland Krieger / Eric Heisserer Chief Inspector SMALL AXE BBC / Amazon Studios Steve McQueen Dr Stu Ford DOCTORS BBC Dan Wilson The Equerry (Series Regular) THE CROWN SEASON TWO Left Bank Pictures / Netflix Stephen Daldry Nathan Stone PRIME SUSPECT 1973 Noho / ITV David Caffrey The Equerry (Series Regular) THE CROWN SEASON ONE TVE Various Oliver Grau (Series Regular) MERLÍ SEASON 1 Left Bank Pictures / Netflix Stephen Daldry Joseph McCoy FRONTIER Raw TV Ben Chanan James Downing CASUALTY BBC Jon Sen Admiral Nelson THE BRITISH Nutopia Jenny Ash Chris LONDON’S BURNING Juniper Justin Hardy Mick SURVIVORS BBC Ian B. McDonald Sgt Christian Young (Series HOLBY BLUE SERIES TWO BBC / Kudos Martin Hutchins Regular) Damian EASTENDERS BBC Michael Kellior Sgt Christian Young (Series HOLBY BLUE SERIES ONE BBC / Kudos Martin Hutchins Regular) Keith Spalding GOLDPLATED Channel 4 Julie Ann Robinson / Robert Delamere Robert Barrie (Recurring) THE BILL Talkback Thames Bill Scot-Rider Marcus Octavius THE RISE AND FALL OF ROME: BBC Chris Spencer REVOLUTION Garret Gibbens BLACKBEARD Dangerous Films Richard Dale Darren HOLBY CITY BBC Nick Adams Jeremy
    [Show full text]
  • Allocation of Scarce Resources During Mass Casualty Events
    Evidence Report/Technology Assessment Number 207 Allocation of Scarce Resources During Mass Casualty Events Agency for Healthcare Research and Quality Evidence-Based Practice Advancing Excellence in Health Care • www.ahrq.gov Evidence Report/Technology Assessment Number 207 Allocation of Scarce Resources During Mass Casualty Events Prepared for: Agency for Healthcare Research and Quality U.S. Department of Health and Human Services 540 Gaither Road Rockville, MD 20850 www.ahrq.gov Contract No. 290-2007-10062-I Prepared by: Southern California Evidence-based Practice Center Santa Monica, CA Investigators: Justin W. Timbie, Ph.D., RAND Corporation Jeanne S. Ringel, Ph.D., RAND Corporation D. Steven Fox, M.D., M.S., RAND Corporation Daniel A. Waxman, M.D., RAND Corporation Francesca Pillemer, Ph.D., RAND/University of Pittsburgh Christine Carey, M.A., RAND Corporation Melinda Moore M.D., M.P.H., RAND Corporation Veena Karir, PharmD., M.S., RAND/University of Pittsburgh Tiffani J. Johnson, M.D., RAND/University of Pittsburgh, Children’s Hospital of Pittsburgh Neema Iyer, M.P.H., RAND Corporation Jianhui Hu, M.P.P., RAND Corporation Roberta Shanman, M.L.S., RAND Corporation Jody Wozar Larkin, M.L.I.S., RAND Corporation Martha Timmer, M.S., RAND Corporation Aneesa Motala, B.A., RAND Corporation Tanja R. Perry, B.H.M., RAND Corporation Sydne Newberry, Ph.D., RAND Corporation Arthur L. Kellermann, M.D., M.P.H., RAND Corporation AHRQ Publication No. 12-E006-EF June 2012 This report is based on research conducted by the Southern California–RAND Evidence-based Practice Center (EPC) under contract to the Agency for Healthcare Research and Quality (AHRQ), Rockville, Md.
    [Show full text]
  • Louisiana Property and Casualty Insurance Commission Full Commission Meeting
    Louisiana Property and Casualty Insurance Commission Full Commission Meeting Wednesday, December 19, 2007 Louisiana Department of Insurance Plaza Hearing Room 1:30 p.m. Minutes Commission Members Present: Bill Newton (representing Commissioner Donelon), Ted Haik, Representative Carter, Kimberly Robinson, Ed O’Brien (representing Jeff Albright), Richard Clements, Dr. Christine Berry, Marc Carter, Joseph Deutsch, Wanda Freeman (representing Chuck McMains), Earl Taylor, Steve Hymel, and Lorrie Brouse. Commission Members Absent: Senator Cain, Senator Quinn, Representative Farrar, Col. Jim Champagne, Richard Stalder, Nicholas Gachassin and Karen Winfrey. Commission Staff Present: Terrell Moss, David Evans and Katie Walsh. DOI Staff Present: Chad Brown, Clarissa Preston, Rich Piazza, Joyce Paul, Judy Wright, Wei Chang, Larry Steinert, Mike McCarty, and Rod Friedy. Chairman Ted Haik called the meeting to order at 1:40 pm. He welcomed the Commission members and other meeting attendees and wished all a happy holiday season. Ms. Katie Walsh called the roll, reporting that a quorum was present. Ms. Denise Brignac, Deputy Commissioner of Financial Solvency at the Department of Insurance (DOI), updated those present on the Insure Louisiana Incentive Program (Incentive Program) (Act 447 of the 2007 Regular Session codified at R.S. 22:3301 et seq). Of the 6 to 8 insurance companies that originally applied for the program, 5 have passed the Department’s in- depth financial review and met with its approval. The Joint Legislative Committee on the Budget must now review and approve these five applicants before the $29 million total in grant money for which they applied can be disbursed by the first week in January.
    [Show full text]
  • CASUALTY ACTUARIAL SOCIETY ANNUAL REPORT Table of Contents
    CASUALTY ACTUARIAL SOCIETY ANNUAL REPORT Table of Contents CAS’s Mission, Vision and Core Values ...................................................... 1 Membership Demographics ...................................................................... 2 2015 Geographic Membership Distribution ......................................... 2 CAS Member Growth 2004-2015 ........................................................ 2 CAS Members by Type of Employment ............................................... 2 Diversity ............................................................................................... 3 2015 CAS Membership Demographics ................................................ 3 Volunteerism ........................................................................................ 4 Admissions and Examination Highlights .................................................... 5 University Engagement ....................................................................... 6 Continuing Education ........................................................................... 9 Research and Development Headlines ................................................... 12 Marketing and Communications .............................................................. 13 Celebrating the CAS Centennial Year ................................................. 13 Employers of CAS Members and Candidates.................................... 14 Fostering a Culture of Innovation ...................................................... 14 Publications.......................................................................................
    [Show full text]
  • Specialty Casualty
    Specialty Casualty Hospitality & Leisure When you work with AmTrust E&S, you are partnering with flexible, knowledgeable, individual risk underwriters who recognize the unique liabilities associated with the hospitality industry. Every account is analyzed based upon management’s experience, loss history, housekeeping and safety to customize programs offering comprehensive coverage at competitive pricing. Target Risk Profile Attachment Points • AmTrust E&S is interested in accounts with the following • Attachment points on accounts will vary based on class, exposure characteristics: and are set to contain frequency starting at $2,500 • Liquor receipts typically less than 60% of sales; risks with higher percentages selectively considered Premium Thresholds • Local establishments or multi-locations • Minimum policy premiums generally start at $10,000 and vary by • Privately owned or chains class of business • Deductibles / low claim frequency Targeted Classes / Appetite • Focus on accounts under $100,000 in premium The following are just some of the classes written that reflect our broad Coverage Highlights & Advantages appetite for business. Underwriting appetite varies based on territory and jurisdiction: • Commercial General Liability and Products / Completed Operations Liability: ISO coverage form, 2007 edition • Catering / banquet facilities • Per location aggregate endorsements – aggregate caps options of • Comedy clubs $3M, $5M and $10M available • Country clubs • Product liability for brewing exposures or retail sales • Hotels, motels,
    [Show full text]
  • 'A Child's Heart'
    Casualty 30 Episode 1 - Scene 1 1 EXT. UNDERWATER (TANK) - NIGHT (22:15) (ZOE) ZOE is fighting for her life. Her wedding dress is making it impossible for her to swim. CUT TO: Episode 1 - PRODUCTION - 'A Child's Heart - Part 1' 1 Casualty 30 Episode 1 - Scene 2 2 EXT. RIVER. - NIGHT. CONTINUOUS (22:15) (ZOE) ZOE bursts the surface but is in real trouble. She gulps desperately before she goes down again. CUT TO: Episode 1 - PRODUCTION - 'A Child's Heart - Part 1' 2 Casualty 30 Episode 1 - Scene 3 3 EXT. RIVER BANK. - NIGHT. CONTINUOUS (22:15) (ETHAN, LOFTY, LOUIS, ROBYN) (DYLAN, CHARLIE, HONEY, MAX, BIG MAC, ZOE) DYLAN’s boat has just exploded. He is silhouetted by flames. On the river bank, CHARLIE has seen ZOE struggling beyond the boat. He pulls off his jacket, kicks off his shoes. LOUIS Dad? What are you doing? CHARLIE clambers down into the river. The cold hits him but he pushes on. LOUIS runs to the bank - shouting: LOUIS (CONT’D) Dad! Dad! But CHARLIE has disappeared. Smoke from DYLAN’s boat hangs thick over the water. LOUIS turns: running from the burning marquee come MAX, ETHAN, LOFTY, HONEY, BIG MAC, ROBYN and other NS guests... LOFTY (shouting) Dylan jump! Jump! LOUIS panics and scurries away. As they run forward ETHAN is dialling 999. The point is everyone is focused on DYLAN who seems almost frozen on his burning boat. ROBYN Jump! You can jump... ETHAN (in the background) Ambulance please - fire... Yes the fire brigade have been called.
    [Show full text]
  • Mass Casualty Incident (MCI) Response Module 1
    Mass Casualty Incident (MCI) Response Module 1 (Hamilton County Fire Chief's Association, 2013) 1 Objectives Purpose: This module will educate staff on mass casualty triage incident response, including how to: • Define mass casualty triage • Determine considerations for adults and pediatrics • Understand the importance of a patient tracking system • Recognize and implement the patient admission/ discharge MCI triage process • Determine how to appropriately handle the deceased in a large-scale MCI • Recognize the range of incidents that may cause MCIs 2 MCI Basics 3 What is an MCI? • A mass casualty incident (MCI) is an incident where the number of patients exceeds the amount of healthcare resources available. • This number varies widely across the country, but is typically greater than 10 patients. 4 Types of MCI Notifications • During a large scale incident such as a mass casualty, it is important to have a mass notification system. Successful mass notification systems will: . Internally: alert staff to activate MCI protocols and prepare for a potential surge of patients . Externally: increase community awareness 5 Assisting in MCI Response Considerations for hospital staff in an MCI: • Some patients may arrive to the hospital without having been assessed/ triaged at the scene • MCI response requires efficiency and coordination • Non-clinical personnel (including hospital volunteers) can assist in moving patients to designated areas based on level of care • Help gather patient information in the emergency treatment area • Staff should review patients in clinical assignment for any potential discharges/ transfers to make room for potential MCI admissions, a process known as “surge discharge” (Chung S, 2019) 6 Triage Basics Definition of MCI Triage Triage means “to sort.” Triage in an MCI is the assignment of resources based on the initial patient assessment and consideration of available resources.
    [Show full text]
  • Rosenbohm-Motion-Approval.Pdf
    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF OHIO EASTERN DIVISION NEIL ROSENBOHM, on behalf of himself ) CASE NO.: 2:17-CV-00731-ALM and all others similarly situated, ) ) JUDGE ALGENON L. MARBLEY Plaintiff, ) ) MAGISTRATE JUDGE VASCURA vs. ) ) CELLCO PARTNERSHIP ) JOINT MOTION FOR APPROVAL OF d/b/a Verizon Wireless ) SETTLEMENT AND STIPULATION OF ) DISMISSAL WITH PREJUDICE Defendant. ) TABLE OF CONTENTS I. SUMMARY OF ARGUMENT ...........................................................................................1 II. FACTUAL AND PROCEDURAL BACKGROUND.........................................................3 A. The Lawsuit .............................................................................................................3 B. Negotiation of The Settlement .................................................................................5 C. The Settlement Terms ..............................................................................................6 III. THE PROPRIETY OF APPROVAL ...................................................................................7 A. The Court Should Approve the FLSA Settlement. ..................................................7 a. The Proposed Settlement Is the Product of Contested Litigation. ...............8 b. The Proposed Settlement Reflects a Fair and Reasonable Resolution of a Bona Fide Dispute Between the Parties. ............................8 i. Bona Fide Dispute Between the Parties Over Liability. ..................8 ii. The Proposed Settlement Is Fair and Reasonable.
    [Show full text]