Self Insurance & Captives
A preliminary study can indicate areas of cost savings and show alternatives such as self-insurance and captive plans which can provide significant dollar savings. Savings can be realized by using the investment income earned on loss reserves to reduce premiums and by eliminating much of the insurance company’s overhead costs. SGRisk has been instrumental in creating many sel-insurance programs, hospital self-insurance trusts, loss pools, and captive insurance companies. SGRisk can help private businesses, associations and municipalities establish their most cost-effective insurance programs through analysis of their experience.
Ratemaking for All Lines
We examine the loss experience of a client and use it to the extent of its actuarial credibility in determining claim frequency and severity trends. We calculate rates after we measure the cost of a client’s product.
Available for all lines of insurance. These include professional, general and automobile liability; workers compensation; commercial multi-Peril; and homeowners and other property lines. SGRisk has extensive knowledge in medical malpractice and workers compensation.
Loss Reserve Studies and Opinions
“The past is going to repeat itself in the future if and only if nothing has changed”
What can change?
- Claim Reserve Adequacy: Are reserves on known claims keeping pace with insurance inflation?
- Claim Reporting Rates: As incidents begin to be reported faster, the IBNR pattern begins to change.
- ∙ Claim Settlement Rates: If the payout pattern becomes more protracted, more reserves need to be established
- Trends in Claim Frequency and Severity: These are two components of insurance inflation