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Self Insurance Fund Evaluations
Any public sector body that self insures must ensure that funds are available to pay claims as and when they fall due. In order to make proper provision in their accounts, the monetary value of the risks retained need to be analysed via:
- Claims paid and incurred to date
- Insurance policy deductibles and aggregates
- Expected timings of future payments
- Exposure such as population and number of employees
Our review is carried out by experienced actuaries using modern actuarial techniques. An actuarial report including the data used, methodology and our findings is provided.
On request, a range of estimates of the potential provisions required is also analysed. This illustrates the uncertainty inherent in the ultimate claims cost. Organisations often find this extremely useful in giving them comfort that the level of funding is sufficient with a degree of certainty.
We have experience in the above analyses having completed many reviews for clients across public and private sectors.