State of Alabama Department of Finance Division of Risk Management Kim Huggins Claims Manager
ALABAMA April 27, 2011
The State Insurance Fund Originated in 1923 to insure state owned properties, K-12 school systems and state university properties 28, 000 +/- building/structures surveyed every three years by in house staff At FY 10 close, $46 Billion insured values Claims are handled by in house staff and/or independent adjusting firms on contract with SIF.
State of Alabama 2011 Property Program $1 B One Reinsurer provides $250 M x/o $750 M Excess Capacity $750 M One Reinsurer provides $250 M x/o $500 M Excess Capacity $500 M Three Reinsurers provide $300 M x/o $200 M Excess Capacity $200 M Nine Reinsurers provide $100 M x/o $100 M Seven Reinsurers provide $50 M x/o $50 M Six Reinsurers provide $50 M x/o SIR $3. 5 M S. I. R. = $3. 5 M All Other Perils Occurrence/$10 M Named Storm Occurrence/ $10 M Annual Aggregate
Statewide Impact of April 27, 2011 62 Tornados - 3 EF-5 - 8 EF-4 - 7 EF-3 240 Deaths $3 Billion In Insured Losses 120, 000 Claims
Historic Tornado Outbreak April 27, 2011
IMPACT OF APRIL 27, 2011 ON SIF $110 M Reserved 588 Claims 215 Locations 8 Exceeding $5 M 6 K-12 Schools 1 Community College 1 State Park 10 Exceeding $1 M
Hackleburg Elementary/High School
Phil Campbell High School
Alberta Elementary School
SIF Comparison of Catastrophe Losses Category Ivan Cat 46 9/16/2004 4/27/2011 Counties Impacted 53 33 Agencies Impacted 102 60 Locations Impacted 500 215 2453 588 $30 Million $110 Million Location Claims $5 M + 1 8 Location Claims $1 M + 3 10 Date of Loss Number of Claims Amount of Loss
Summary Analysis o Ivan was a Category 3 Hurricane n Impacted a large portion of Alabama n Major damage to only a few locations o Cat 46 was a series of EF 3, 4 & 5 Tornadoes n Impacted a large portion of Alabama n Major damage to a large number of locations
ISSUES
Coordination o Coordination with Excess Carriers n Assignment of the lead adjuster n Third Party Experts p Engineers p Estimators p Accountants p Salvagers n Broker’s Role.
Communication o Communication with SIF Policy Holders n Role of Risk Management n Immediate and Clear Instruction n Availability of Advance Funds.
Independent Adjusters o Role of Independent Adjusters n Our Representative n Works with Excess Adjusters and Experts n Directs and Manages Claim
Delays o By Excess Experts to Provide n Building Estimates n Scopes o By SIF Policyholders to n Initiate Emergency Restoration due to State Bid Law rules.
On A Positive Note o Our Broker helped us resolve issues quickly and is currently working with excess on specific guidelines to follow after a CAT Loss o Our Independent Adjusters remained loyal to the SIF o The SIF made advance funds immediately available to hardest hit locations.
ALABAMA Department of Finance Risk Management Division Questions?
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