Attachment 10 - Incurred and Paid 1-1-2025 through 3-31-2026_Lot 2.pdf
PDF 123 KB Posted
- Solicitation number
- RFP 680 26-042/DJ 2
- Issued by
- Palm Beach County, Florida
About this file
This is an insurance claims experience report for Palm Beach County Board of County Commissioners under Contract Number 760741, covering the period from January 1, 2025 through March 31, 2026. The document provides detailed experience data for five insurance coverage types: Basic Life, Basic AD&D (Accidental Death & Dismemberment), Additional Life, Additional AD&D, and Dependents Life. The report reflects claims paid on a paid basis, tracking lives covered, premium volumes, earned premiums, paid claims, reserve changes, and incurred claims across each coverage category. The contract became effective on January 1, 2025, with data presented in two periods: January 1 through December 31, 2025, and January 1 through March 31, 2026.
The document reveals significant variation in loss ratios across coverage types over the reporting periods. Basic Life coverage experienced elevated loss ratios of 140% for the first period and 43% for the second period, averaging 120% overall, with total incurred claims of $460,805 against earned premiums of $384,604. Additional Life coverage performed more favorably with a 52% overall loss ratio and $967,688 in incurred claims against $1,847,562 in earned premiums. Additional AD&D showed the highest loss ratio at 130% overall with $131,464 in incurred claims. Lives covered ranged from approximately 4,739 to 4,972 for Basic coverages and 2,915 to 2,927 for Additional coverages, with total premium volumes across all coverages exceeding $1.7 billion for the full period.
View the file
Other files
Show all 19
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
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%
File details come from the government source that posted it. Updated .