2017 OFFICE OF RISK MANAGEMENT ANNUAL REPORT SUMMARY PRESENTED BY - - PowerPoint PPT Presentation

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2017 office of risk management annual report summary
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2017 OFFICE OF RISK MANAGEMENT ANNUAL REPORT SUMMARY PRESENTED BY - - PowerPoint PPT Presentation

Jun 17, 2023 47 likes •139 views

2017 OFFICE OF RISK MANAGEMENT ANNUAL REPORT SUMMARY PRESENTED BY THE OFFICE OF LEGAL COUNSEL AND THE OFFICE OF RISK MANAGEMENT COMPREHENSIVE RISK FINANCING PROGRAM Primary coverage areas: Property General Liability and Educators

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SLIDE 1

2017 OFFICE OF RISK MANAGEMENT ANNUAL REPORT SUMMARY

PRESENTED BY THE OFFICE OF LEGAL COUNSEL AND THE OFFICE OF RISK MANAGEMENT

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SLIDE 2

COMPREHENSIVE RISK FINANCING PROGRAM

  • Primary coverage areas:
  • Property
  • General Liability and Educators Legal
  • Fidelity; Commercial Crime
  • Cyber
  • Auto Liability and Physical Damage
  • Aviation
  • Major self-insured exposures
  • Professional liability
  • Pollution
  • Fiduciary liability with respect to benefit programs
  • Auto physical damage
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SLIDE 3

PROGRAM FINANCIAL HEALTH

1.38 2.46 2.19 0.5 1 1.5 2 2.5 3 2014-15 2015-16 2016-17

Viability Ratio

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SLIDE 4

PROGRAM COMPETITIVENESS AND BENCHMARKING

$4.49 $5.34 $5.28 $5.15 $4.39 $6.05 $6.25 $6.45 $5.61 $5.28 2011-12 2012-13 2013-14 2014-15 2015-16

Total Cost of Risk (TCOR) per $1,000 of Revenue

Purdue TCOR RIMS Benchmark TCOR for Education Industry

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SLIDE 5

FINANCIAL ACTIVITY SUMMARY

$3,978,593 $2,984,973 $4,552,422 $3,635,468 $2,789,121 $3,624,474 $597,427 $588,059 $601,886

$7,669,986 $5,624,600 $9,003,889

2014-15 2015-16 2016-17

Risk Management Summary of Financial Activity

Premium Expenses Loss Expenses Other Expenses Total Revenue

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SLIDE 6

PREMIUM PAID HISTORY

Other Coverages Aviation Liability Student Coverages Property

Premium Paid Coverage Category

Risk Management Three Year Premiums Paid to Carriers Comparison

2016-17 2015-16 2014-15

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SLIDE 7

KEYS TO LOSS CONTROL AND MITIGATION

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  • Active campus engagement:
  • Proactive approach
  • Participation in campus safety committees
  • Extensive communication network with units
  • Regular interaction with risk owners
  • Strong, collaborative relationship with property insurer
  • 7 visits to campus
  • 259 engineering hours
  • 154 pressure vessel inspections
  • Numerous fire alarm and sprinkler protection upgrades
  • Exceptional internal first responders
  • Excellent mitigation record on large losses
  • Broad participation in internal claim deductible and training programs
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SLIDE 8

LOOKING AHEAD

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  • Markets stable, with premiums remaining competitive
  • Property insurance program extended on favorable terms
  • Enhancements to aggregate policy limits
  • General
  • Educators legal
  • Cyber
  • Continued evidence of a strong and efficient program
  • Program re-bidding targeted for 2020
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SLIDE 9

2017 OFFICE OF RISK MANAGEMENT ANNUAL REPORT SUMMARY

PRESENTED BY THE OFFICE OF LEGAL COUNSEL AND THE OFFICE OF RISK MANAGEMENT