Attachment 10 - Incurred and Paid 1-1-2025 through 3-31-2026_Lot 2.pdf
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- Solicitation number
- RFP 680 26-042/DJ 1
- Issued by
- Palm Beach County, Florida
About this file
This document is an experience report for Palm Beach County Board of County Commissioners Contract 760741, detailing incurred and paid claims data for various life and accidental death & dismemberment (AD&D) insurance coverages from January 1, 2025 through March 31, 2026. The report encompasses five distinct coverage types: Basic Life, Basic AD&D, Additional Life, Additional AD&D, and Dependents Life insurance. The data reflects enrollment figures ranging from 2,427 to 4,995 lives across the different coverage categories, with total volume across all coverages exceeding $1.8 billion in earned premium. The report documents paid claims, reserve changes, and incurred claims calculations for two distinct periods: January 1, 2025 through December 31, 2025, and January 1, 2026 through March 31, 2026.
The loss ratios across all coverages demonstrate variable performance during the reporting periods, with Basic Life experiencing elevated loss ratios of 140% and 43% in the respective periods, while Additional Life and Dependents Life showed more controlled loss ratios of 52% and 94% respectively for the full period. Total incurred claims across all five coverage types reached $460,805 for Basic Life, $17,118 for Basic AD&D, $967,688 for Additional Life, $131,464 for Additional AD&D, and $237,013 for Dependents Life. The reserve adjustments, including reported and incurred but not reported (IBNR) reserves, indicate ongoing actuarial adjustments throughout the contract period, reflecting claims development and experience modifications.
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Text version
Palm Beach County Board Of County Commissioners
Contract number - 760741
Coverage Effective Date: 1/1/2025
Basic Life
Experience: Paid Basis
From 1/1/2025 1/1/2026
Through 12/31/2025 3/31/2026
Lives * 4,995 4,972 9,967
Volume * 120,085,000 119,500,000 239,585,000
Earned Premium 304,992 79,612 384,604
Paid Claims 310,000 60,000 370,000
Conversions 0 0 0
Change in Reported Reserves 50,000 -25,000 25,000
Change in IBNR Reserves 66,273 -468 65,805
Incurred Claims 426,273 34,532 460,805
Loss Ratio 140% 43% 120%
* Data pulled from end of period
Totals
Coverage Effective Date: 1/1/2025
Basic AD&D
Experience: Paid Basis
From 1/1/2025 1/1/2026
Through 12/31/2025 3/31/2026
Lives * 4,758 4,739 9,497
Volume * 70,560,000 70,230,000 140,790,000
Earned Premium 26,459 6,745 33,204
Paid Claims 15,000 0 15,000
Conversions 0 0 0
Change in Reported Reserves 15,000 -15,000 0
Change in IBNR Reserves 2,136 -18 2,118
Incurred Claims 32,136 -15,018 17,118
Loss Ratio 121% -223% 52%
Coverage Effective Date: 1/1/2025
Additional Life
Experience: Paid Basis
From 1/1/2025 1/1/2026
Through 12/31/2025 3/31/2026
Lives * 2,927 2,915 5,842
Volume * 357,235,000 354,400,000 711,635,000
Earned Premium 1,480,004 367,558 1,847,562
Paid Claims 655,000 0 655,000
Conversions 0 0 0
Change in Reported Reserves 0 0 0
Change in IBNR Reserves 315,189 -2,501 312,688
Incurred Claims 970,189 -2,501 967,688
Loss Ratio 66% -1% 52%
Coverage Effective Date: 1/1/2025
Additional AD&D
Experience: Paid Basis
From 1/1/2025 1/1/2026
Through 12/31/2025 3/31/2026
Lives * 2,927 2,915 5,842
Volume * 357,235,000 354,400,000 711,635,000
Earned Premium 81,344 20,145 101,489
Paid Claims 100,000 0 100,000
Conversions 0 0 0
Change in Reported Reserves 0 25,000 25,000
Change in IBNR Reserves 6,516 -52 6,464
Incurred Claims 106,516 24,948 131,464
Loss Ratio 131% 124% 130%
Coverage Effective Date: 1/1/2025
Dependents Life
Experience: Paid Basis
From 1/1/2025 1/1/2026
Through 12/31/2025 3/31/2026
Lives * 2,446 2,427 4,873
Volume * 57,855,000 57,005,000 114,860,000
Earned Premium 203,397 49,691 253,088
Paid Claims 200,000 25,000 225,000
Conversions 0 0 0
Change in Reported Reserves 0 0 0
Change in IBNR Reserves 12,185 -172 12,013
Incurred Claims 212,185 24,828 237,013
Loss Ratio 104% 50% 94%
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