Attachment 5C - Incurred Paid1.1.2022 through 3.31.2026.pdf
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- Solicitation number
- RFP 680 26-042/DJ 2
- Issued by
- Palm Beach County, Florida
About this file
This document is a Short-Term Disability and Long-Term Disability experience report for Palm Beach County Board of County Commissioners under Contract number 760741, covering the period from January 1, 2022 through March 31, 2026. The report presents paid claims data on an incurred basis for both disability insurance products. For Short-Term Disability, the covered population ranged from 1,523 to 1,783 lives across five annual periods, with total earned premiums of $1,986,931 and paid claims totaling $1,404,513 over the full coverage period. For Long-Term Disability, the covered population ranged from 4,247 to 4,467 lives, with total earned premiums of $2,478,298 and paid claims of $1,145,719. The total incurred claims across both products amounted to $3,685,281 against total earned premiums of $4,465,229.
The Short-Term Disability experience demonstrated an overall loss ratio of 73 percent across the contract period, with annual loss ratios varying from 59 percent to 86 percent. The Long-Term Disability experience showed a higher overall loss ratio of 90 percent, with significant volatility ranging from 56 percent to 163 percent, reflecting substantial changes in reported and IBNR reserves, particularly in 2025 and 2026. Long-Term Disability reserves increased materially to $553,477 in 2025 and IBNR reserves were established at $264,786 in 2026, indicating heightened claims activity or reserve strengthening during the latter portion of the contract period.
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Text version
Palm Beach County Board Of County Commissioners
Contract number - 760741
Coverage Effective Date: 1/1/2022
Short Term Disability
Experience: Paid Basis
From 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026
Through 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026
Lives * 1,523 1,613 1,653 1,783 1,777 8,349
Volume * 0 0 0 0 0 0
Earned Premium 429,213 456,000 471,689 499,994 130,035 1,986,931
Paid Claims 322,887 292,564 363,587 348,616 76,859 1,404,513
FICA 0 0 0 0 0 0
Change in Reported Reserves 0 0 0 0 0 0
Change in IBNR Reserves 45,403 2,683 1,193 3,875 -179 52,975
Incurred Claims 368,290 295,247 364,780 352,491 76,680 1,457,488
Loss Ratio 86% 65% 77% 70% 59% 73%
* Data pulled from end of period
Totals
Palm Beach County Board Of County Commissioners
Contract number - 760741
Coverage Effective Date: 1/1/2022
Long Term Disability
Experience: Incurred Basis
From 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026
Through 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026
Lives * 4,247 4,268 4,268 4,467 4,455 21,705
Volume * 13,079,549 13,470,261 13,626,947 14,208,801 14,434,695 68,820,253
Earned Premium 543,207 562,700 572,613 626,006 173,772 2,478,298
Paid Claims 489,543 273,498 232,571 150,107 0 1,145,719
FICA 957 1,392 1,988 1,982 685 7,004
Change in Reported Reserves 73,383 79,043 86,881 553,477 17,500 810,284
Change in IBNR Reserves 0 0 0 0 264,786 264,786
Incurred Claims 563,883 353,933 321,440 705,566 282,971 2,227,793
Loss Ratio 104% 63% 56% 113% 163% 90%
* Data pulled from end of period
Totals
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