 Washington State Transit Insurance Pool Actuarial Report Based on data evaluated as of June 30, 2008 Presented by: Kevin Wick, FCAS, MAAA September.

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Presentation transcript:

 Washington State Transit Insurance Pool Actuarial Report Based on data evaluated as of June 30, 2008 Presented by: Kevin Wick, FCAS, MAAA September 30, 2008

PricewaterhouseCoopers September 30, 2008 Slide 2 Agenda Outstanding Claim Liabilities -Confidence Levels Change Since Last Year Review of Coverages Other Issues

PricewaterhouseCoopers September 30, 2008 Slide 3 Outstanding Claim Liabilities Accounting rules require a liability be established for unpaid claims Estimated cost to settle all outstanding claim obligations: -$6.9M as of June 30, $8.7M as of Dec 31, Actual cost will vary Implied fund balance is above the 95% confidence level

PricewaterhouseCoopers September 30, 2008 Slide 4 Breakout of Outstanding Claim Liability by Coverage

PricewaterhouseCoopers September 30, 2008 Slide 5 Components of the Net Change in Loss Reserves (Excluding ULAE) Beginning Reserve – Dec 31, 2007 $6,154,000 New Losses Incurred 1/1 – 6/30/08 2,168,000 Payments Made 1/1 – 6/30/08 (982,000) Changes in Ultimate Loss Estimates (675,000) Ending Reserve – June 30, 2008 $6,665,000 New Losses Incurred 7/1 – 12/31/08 3,476,000 Payments Made 7/1 – 12/31/08 (1,678,000) Ending Reserve – Dec 31, ,463,000

PricewaterhouseCoopers September 30, 2008 Slide 6 Net Actuarial Estimates As of June 30, 2008 Automobile Liability

PricewaterhouseCoopers September 30, 2008 Slide 7 Net Actuarial Estimates As of June 30, 2008 Automobile Liability

PricewaterhouseCoopers September 30, 2008 Slide 8 Net Actuarial Estimates As of June 30, 2008 Automobile Liability

PricewaterhouseCoopers September 30, 2008 Slide 9 Comparison of Net Actuarial Estimates As of December 31, 2007 and June 30, 2008 Automobile Liability

PricewaterhouseCoopers September 30, 2008 Slide 10 Comparison of Net Actuarial Estimates As of December 31, 2007 and June 30, 2008 General Liability

PricewaterhouseCoopers September 30, 2008 Slide 11 Comparison of Net Actuarial Estimates As of December 31, 2007 and June 30, 2008 Auto Physical Damage

PricewaterhouseCoopers September 30, 2008 Slide 12 Comparison of Net Actuarial Estimates As of December 31, 2007 and June 30, 2008 Property

PricewaterhouseCoopers September 30, 2008 Slide 13 Comparison of Net Actuarial Estimates As of December 31, 2007 and June 30, 2008 All Coverages Combined

PricewaterhouseCoopers September 30, 2008 Slide 14 Reserves to Equity Ratios

PricewaterhouseCoopers September 30, 2008 Slide 15 Annual Losses to Equity Ratios

PricewaterhouseCoopers September 30, 2008 Slide 16 Maximum Retained Loss to Equity Ratios

PricewaterhouseCoopers September 30, 2008 Slide 17 Equity and Change in Equity